Adler - comment

ARE bonds dropped on Friday on news that ADJ were pressing ahead with the squeeze-out of ARE minority shareholders, so as to facilitate intercompany transactions, i.e. sending cash to Consus. Either to replace a previously made intercompany loan or to send further cash up to ADJ, ARE then also proceeded to buying a yielding portfolio for a net €275m from ADJ, illustrating how such transfers can be made in the interim.