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The spin-off of Sonae Capital
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Resumo(s)
The purpose of this project is to study the spin-off of Sonae Capital, which took place in January 2008. Taking the form of a case study, this project is divided between the case narrative and a teaching note. I study the background and motivation of the transaction, along with its outcome. With the available information at the time of the
case, I value Sonae Capital at the date of the spin-off and describe a possible trading
strategy involving both the spun-off and the demerged companies. Finally, I conclude that the transaction was more beneficial for the parent company, Sonae SGPS, and that it did not follow the typical outperformance pattern observed in other spin-offs.
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Spin-off Divestiture Conglomerate discount Case study