A tribunal approved the oil-to-metals conglomerate's plan to split into five listed entities in December.After the demerger, the company will operate as Vedanta Limited, housing its base metals business. Vedanta Aluminium, Talwandi Sabo Power, ⁠Vedanta Steel ‌and Iron, and Malco Energy will be the four other entities.The combined ⁠market capitalisation of the five companies would be much higher than the conglomerate's current $27 billion, Agarwal told FT.A private parent company controlled by Agarwal will ...

Ramsay Health Care Update Summary Company Overview - **Company**: Ramsay Health Care (OTCPK:RMYH.Y) - **Date of Briefing**: February 19, 2026 Key Points Strategic Review and Share Distribution - Ramsay Health Care announced the outcome of a comprehensive strategic review regarding its 52.79% shareholding in Ramsay Santé, proposing an in-specie distribution of Ramsay Santé shares to Ramsay shareholders to simplify the group and enhance focus on distinct strategic priorities [1][2] - The distribution aims to support Ramsay Health Care's transformation and growth potential in its core Australian hospital business [1] Rationale for the Proposal - Ramsay and Ramsay Santé operate in different geographic markets with distinct capital profiles and strategic objectives, allowing each business to focus on its respective strategies [2] - The proposal is expected to simplify Ramsay's financial profile by deconsolidating Ramsay Santé from its financial statements, providing shareholders the option to retain ownership in Ramsay Santé [2] Implementation Timeline - The in-specie distribution is expected to be completed in the fourth quarter of calendar 2026, subject to necessary approvals [3] - A demerger booklet will be distributed ahead of a shareholder vote in Q4 2026, containing all relevant information [4] Termination of Shareholder Agreement - Ramsay Health Care has given notice to terminate the existing shareholders' agreement with Predica, which will be effective from October 1, 2026 [3][15] - The termination is aligned with Ramsay's strategic shift towards Europe and its shareholding in Ramsay Santé [15] Financial and Operational Considerations - The management does not anticipate significant operational synergies or material dyssynergies post-demerger, focusing instead on the transformation of the Australian business [11][21] - The separation process is expected to be relatively simple due to Ramsay Santé's existing independence, including its own management and financing arrangements [22] Regulatory and Approval Process - The proposal will require shareholder approval, with a 75% majority needed for the scheme of arrangement to proceed [30] - Regulatory approvals will be based in Australia, with a demerger booklet reviewed by ASIC [16] Tax Implications - Ramsay Health Care will seek class order around demerger relief from the ATO, with details to be outlined in the demerger booklet [41] Engagement with Stakeholders - Ramsay Health Care will engage with all shareholders, including the Paul Ramsay Foundation, to explain the rationale behind the proposal [45] Cost Considerations - While there will be transaction fees and costs associated with preparing the demerger booklet, specific estimates will be provided in future results [48] Additional Insights - The management remains open to discussions regarding any superior alternative outcomes but is committed to progressing with the current proposal [7] - The strategic review has been thorough, involving market testing and engagement with potential interested parties [6][7] This summary encapsulates the key points from the Ramsay Health Care update, focusing on the strategic review, proposed share distribution, and implications for shareholders and the company.

Core Viewpoint - Brokerages are optimistic about Vedanta's stock, with Nuvama Institutional Equities raising the target price to Rs 806 from Rs 686, indicating an 18% upside potential from current levels [1][3]. Company Developments - The NCLT approved the demerger of Vedanta into five listed entities, with the base metals business remaining in Vedanta Ltd and four other entities being Vedanta Aluminium, Talwandi Sabo Power, Vedanta Steel and Iron, and Malco Energy [1][8]. - Vedanta is nearing the completion of regulatory approvals for its demerger, which is expected to enhance the company's investment thesis through strong commodity upcycle, cost optimization, and volume growth [2][8]. Financial Projections - Nuvama has revised FY27E/28E EBITDA estimates upward by 17% and 8% respectively, projecting a 20% CAGR in EBITDA over FY25–28E, reaching Rs 724 billion [3][9]. - Average price assumptions for FY27E and FY28E have been increased to $3,000 and $2,750 per tonne for aluminium, $3,000 and $2,900 per tonne for zinc, and $60 per ounce for silver [6][9]. - The INR–USD exchange rate assumption for FY27E and FY28E has been adjusted to 89 from 87.5 [6][9]. Market Performance - Shares of Vedanta were trading at Rs 696, reflecting a 2.6% increase from the previous close, with a peak of Rs 699, marking a 52-week high [8][9]. - Kotak Institutional Equities has set a target price of Rs 780 per share, highlighting that approximately 85% of Vedanta's FY2027E EBITDA will be driven by aluminium (50%), zinc (20%), and silver (15%) [7][9].

Core Viewpoint - Unilever PLC has implemented a reverse stock split as part of its strategy to streamline operations and enhance shareholder value, coinciding with a significant increase in its share price following the demerger of its ice cream division [1][5]. Group 1: Reverse Stock Split - The reverse stock split occurred on December 9, 2025, exchanging 9 shares for every 8 shares previously held [1][5]. - This move is aimed at improving operational efficiency and increasing shareholder value [1][5]. Group 2: Share Price Movement - Following the reverse stock split, Unilever's share price rose nearly 13% in early trading [2][5]. - The current stock price is $64.49, reflecting an increase of 16.62% with a change of $9.19 [4][5]. - Over the past year, the stock has fluctuated between a high of $65.66 and a low of $54.32 [4]. Group 3: Share Structure Post-Consolidation - Post-consolidation, Unilever has over 2.2 billion ordinary shares in issue, with approximately 2.18 billion carrying voting rights [3][5]. - Some investors' shareholdings did not convert neatly under the new ratio, and Unilever plans to pool these fractional shares and sell them in the market, returning the net cash proceeds to shareholders [3].

Core Points - The signing of a Pledge Agreement and a Letter of Consent and Release with Enodia is part of the demerger process of VOO, which involves the acquisition of VOO SA by Orange Belgium SA/NV [1][3] - The Pledge Agreement will secure amounts owed by VOO to Enodia under a Service Agreement, with a maximum amount of EUR 250,000,000 [2][6] - The Demerger is contingent upon the termination and replacement of the existing Mandate with the Pledge Agreement [5] Group 1: Pledge Agreement and Service Agreement - VOO has authorized Enodia to create a first-rank pledge over its business as security for amounts owed under the Service Agreement [2] - The Pledge Agreement will cover trade receivables and bank accounts of the Company for the benefit of Enodia [3][4] - The Pledge Agreement will last for the same duration as the Service Agreement and may be readjusted every five years based on the diminishing amount owed [6] Group 2: Corporate Governance and Compliance - Enodia is considered a "related party" to the Company, necessitating compliance with Article 7:97 of the Belgian Code of Companies and Associations [7] - An ad hoc committee of independent directors was established to assess the signing of the Pledge Agreement and the Letter of Consent and Release [9] - The board of directors approved the signing based on the committee's conclusion that the transaction is not unfair to the Company [10] Group 3: Financial Overview of Orange Belgium - As of June 30, 2025, Orange Belgium reported revenues of EUR 962.7 million, with 3.5 million mobile customers and over 1 million fixed broadband customers [12] - Orange Belgium operates both fixed and mobile networks, providing a range of connectivity services and convergent offerings [12] - The Company is a subsidiary of the Orange Group, which serves 300 million customers worldwide [13]

Group 1 - Magnum CEO Peter ter Kulve emphasized that the company is not considering selling Ben & Jerry's and is focused on reclaiming market share and growing sales as it prepares for its spin-off from Unilever [1][3] - Unilever's ice cream business, which includes brands like Magnum, Ben & Jerry's, Wall's, and Cornetto, is expected to hold over 20% of the approximately $88 billion global ice cream market, competing with rivals such as Nestle-backed Froneri [1] - The separation from Unilever has allowed Magnum to invest in supply chains, sales, and distribution, leading to a significant increase in market share last year [2] Group 2 - Unilever's CEO Fernando Fernandez is implementing changes to streamline management and enhance margins, with the company retaining less than 20% of the ice cream business post-listing [4] - The demerger will provide every Unilever shareholder with a relative stake in Magnum, which is expected to mitigate market volatility typically associated with an IPO [5] - Magnum's CFO Abhijit Bhattacharya stated that the split is beneficial for both Unilever and Magnum, allowing Unilever to focus its portfolio while giving Magnum the opportunity to improve margins [4][5]