First Read: WDP NV/SA "Set to acquire Argan in all-share merger, creating..."

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First Read: WDP NV/SA "Set to acquire Argan in all-share merger, creating..."

Global Research

24 July 2026ab

First Read

EquitiesWDP NV/SA

Set to acquire Argan in all-share merger, creating Belgium

€13bn European logistics champion Real Estate

12-month rating Buy

12m price target €27.50

WDP releases 1H26 trading update amid ARGAN merger announcement

WDP has announced a friendly all-share merger with French logistics REIT Argan, which

would create a pan-European logistics platform with more than €13bn of GAV. The Price (24 Jul 2026) €22.74

proposed exchange ratio is 3 newly issued WDP shares for each Argan share, while RIC: WDPP.BR BBG: WDP BB

Argan also intends to distribute an exceptional dividend of €11/sh prior to completion,

Trading data and key metrics

implying a value of €79.22 per Argan share, or a 21% premium to its closing share price.

Management guides to immediate value creation, including c.+3% EPRA EPS accretion 52-wk range €26.04-20.40

from 2028, +7% EPRA NTA accretion and an additional +10% total accounting return Market cap. €5.09b/US$5.79b

for WDP shareholders. Shares o/s 224m (ORD)

Free float 75%

Strategic rationale convincing, execution risk looks manageable Avg. daily volume ('000) 423

The synergy guidance seems relatively modest at €10m annually and is expected to be Avg. daily value (m) €9.4

realised within 12 months of completion. Importantly, management notes that these Common s/h equity (12/25E) €5.02b

synergies are primarily financial, driven by lower borrowing costs through WDP's P/BV (12/25E) 1.0x

stronger credit profile, with a smaller contribution from operating efficiencies. Beyond

EPS (UBS, diluted) (EUR)

identified synergies, management highlights accelerated development activity, cross-

UBS Cons.