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Loxam : Update following the takeover offer on Ramirent
With the Ramirent deal, Loxam will considerably consolidate its leadership in Europe and this is clearly an attractive strategic deal. However this acquisition will be financed entirely by debt, which will push the leverage to around 5x. We understand that management is still committed to lowering leverage to around 3.5-4x in the medium term, but the deleveraging process could take at least three years (excluding any divestments and/or capital increases) which we think is somewha...
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Delphine Chauvin
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