GasLog (Buy, TP: USD5.80) - Merging with BlackRock
GasLog today announced it has entered into a merger plan with BlackRock, in which BlackRock will acquire all GasLog shares at USD5.8/share, except for those held by the Livanos family and the Onassis Foundation. We find it likely that the merger will be accepted, as in our view it almost fully appreciates the company’s underlying value. We reiterate our BUY and have raised our target price to USD5.8 (5.6).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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