JPM | EMEA Spec Sits Daily: DCC LN, KTN GY, SGRO LN/PLD US, SPI LN: EMEA Special Situations Specialist Commentary；Merger/Arbitrage • Pre-Announced • Spin-off Event Driven

Research evidence excerpt

JPM | EMEA Spec Sits Daily: DCC LN, KTN GY, SGRO LN/PLD US, SPI LN: EMEA Special Situations Specialist Commentary；Merger/Arbitrage • Pre-Announced • Spin-off Event Driven

Specialist Sales J P M O R G A N

09 July 2026

JPM | EMEA Spec Sits Daily: DCC LN, KTN GY, SGRO LN/ PLD US, SPI

LN

44 207 134 6029

zara.patel@jpmorgan.com

Special Sits Today

• News/ press: DCC LN PUSU extension to 15/7, SPI LN PUSU extension to 6/8, CBK GY/UCG IM additional offer

results, KTN GYboards do not recommend shareholders tender, REC IM CONSOB approves offer doc, PLD US

presentation on SGRO LN

• Research: WKL NA upgrade to OW and LBO potential, SHL GY thoughts into Q3 results, VIV FP Bollore wins at

Paris Court of Appeals

• Today: CEC GY Strategy Day, SPI LN PUSU deadline

News & Press

M&A

• CBK GY/ UCG IM: additional offer results. ~17.6% shares tendered so another ~5% was tendered during the additional

acceptance period. Along with the 26.77% direct stake held and 3.22% swap (physically settled), that brings UniCredit’s stake

up to 47.59%. This is worth 49.65% voting rights (taking out the treasury shares which cannot be voted). The cash settled

TRS is slightly smaller than previously disclosed: 11.48% today vs 13.19% on 19 June (bullet point number 5). link

• KTN GY: boards do not recommend shareholders tender. The Executive Board and the Supervisory Board recommend

that the shareholders of Kontron AG do not accept the mandatory takeover offer made by Ennoconn Corporation. The €23.50

offer price is €0.26 below the 12 month VWAP and average analyst price targets are €30.29. The acceptance periods ends 27

July. link

• REC IM: CONSOB approved offer document. The acceptance period will run from 31 August to 15 October, extremes

included, subject to any extension. link

Soft Catalyst