Opupelus dépasse 20% et vise un rapprochement - NEUTRE - OC 16,5€ (vs 15€)
Jeudi dernier, une déclaration AMF nous apprenait qu’Opupelus Holdings, holding de tête du groupe Orexim, avait franchi le seuil de 20% du capital d’Affine et envisageait désormais un rapprochement. On imagine mal Holdaffine, principal actionnaire d'Affine, accepter de devenir minoritaire lors d'une fusion. Il faut donc supposer soit une offre hostile en numéraire (Holdaffine a la minorité de blocage contre une fusion) soit un statu quo. Même en cas d'échec d'Opupelus, l'intérêt spéculatif serait relancé car Holdaffine serait poussé à organiser l'adossement d'Affine. Opinion Neutre maintenue, malgré le relèvement de notre objectif à 16,5€ à un an vs 15€ précédemment.Affine is a property company specializing in commercial property. Co. is engaged in real estate activities and leasing activities. Co.'s activities are divided into four poles: a Parisian pole (offices), and 3 regional poles (offices, retail, warehouses & industrials). Office premises in French regions represent 43% of the portfolio and contain major assets such as the Lille Europe tower; Retail focuses on commercial properties, which consist chiefly of city-centre retail areas; and Warehouses and Industrials represents the logistics properties of the Affine group, including several types of platform, most of these being bi-modal (rail/road).
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