The monthly European Spin-Off Calendar provides a snapshot of every spin-off in progress, including a summary of our opinion and valuation, critical dates, transaction details and a brief analysis of business segments.  This month’s calendar discusses the following:

UPM Kymmene (UPM FH) / UPM Plywood – October 31, 2026
SKF AB (SKF-B ST) / Automotive Business – 4Q 2026
Stora Enso (STER SS) / Stora Enso – 1H 2027
Unilever plc (ULVR LN) / Foods Division – 2H 2027
Liberty Global (LBTYA US) / Ziggo Group – 2027
Associated British Foods (ABF LN) / Primark – End 2027

The monthly European Spin-Off Calendar provides a snapshot of every spin-off in progress, including a summary of our opinion and valuation, critical dates, transaction details and a brief analysis of business segments.  This month’s calendar discusses the following:

• SKF AB (SKF-B ST) / Automotive Business – 4Q 2026
• Stora Enso (STER SS) / Stora Enso – 1H 2027
• Unilever plc (ULVR LN) / Foods Division – 2H 2027
• Liberty Global (LBTYA US) / Ziggo Group – 2027
• Associated British Foods (ABF LN) / Primark – End 2027

The Monthly Situation Monitor is a two-part monthly publication that provides summaries of every European spin-off under coverage and analyst commentary on opportunities outside the traditional spin-off space, including carve-outs, activist campaigns, strategic reviews and other special situations.

European Spin-Off Pipeline – Current coverage of announced spin-offs pending completion:

• Kongsberg Gruppen (KOG NO) / Demerger of Kongsberg Maritime into another listed entity – April 22, 2026 
• SKF AB (SKF-B ST) / Automotive Business – 4Q 2026
• Hexagon AB (HEXAB SS) / Asset Lifecycle Intelligence & Others – 2Q 2026
• Stora Enso (STER SS) / Forest Assets – 1H 2027 
• Unilever plc (ULVR LN) / Foods Division – 2H 2027 *
• Liberty Global (LBTYA US) / Ziggo Group – 2027

European Special Situations on Our Radar – Potential restructurings, activist campaigns and other special situations:

• Diageo plc (DGE LN) – Potential sale of non-core stake in Moet Henessey, Ciroc, and a history of asset sales.
• Smith & Nephew plc (SN LN) – Potential sale or spin of problematic orthopedics division
• ITV plc (ITV LN) – Potential sale of studio business. Silchester International is invested
• Reckitt Benckiser plc (RKT LN) – Potential sale/spin of consumer business. 
• Anglo American AAL (AAL LN) – Streamlining portfolio through asset sales, including platinum, nickel, coal, and De Beers, to focus on core copper, iron ore, and crop nutrient businesses.
• BP plc (BP LN) – Elliott recently took an activist role. Divestments, spending reductions and cost cuts are underway
• DCC plc (DCC LN) – Divestment of info-tech business to Aurelius; reviewing options for technology division to focus solely
  on energy
• Continental AG (CON GR) – Proposed separation of ContiTech segment after Automotive spin-off
• AFRY AB (AFRY SS) – Restructured existing five divisions into three global divisions
• Gerresheimer AG (GXI GR)- Separation and divestment of its moulded glass business as a part of strategic transformation 
• AkzoNobel NV (AKZA NA) – Investor activism shown by Cevian, disclosing a 3.02% stake valued at ~€300 million 
• Safran RV (SAF FP) – Potential sale of low-margin Aircraft Interior segment for portfolio optimization.
• Associated British Foods (ABF LN) – ABF is considering a potential spin-off of Primark from its Retail division
• Repsol (REP SM) – Repsol is considering listing its upstream business on a US stock exchange
• Nestle (NESN SW) – Nestle is considering divesting remaining in-house ice cream operations and water division

*  New this month

PCS Research Group welcomes and encourages your feedback.  Please feel free to call us if we can be of service.

The Monthly Situation Monitor is a two-part monthly publication that provides summaries of every European spin-off under coverage and analyst commentary on opportunities outside the traditional spin-off space, including carve-outs, activist campaigns, strategic reviews and other special situations.

European Spin-Off Pipeline – Current coverage of announced spin-offs pending completion:

• Aptiv plc (APTV US) / Electrical Distribution Systems Business – March 31, 2026
• Kongsberg Gruppen (KOG NO) / Demerger of Kongsberg Maritime into another listed entity – April 22, 2026 
• SKF AB (SKF-B ST) / Automotive Business – 4Q 2026
• Hexagon AB (HEXAB SS) / Asset Lifecycle Intelligence & Others – 2Q 2026
• Stora Enso (STER SS) / Forest Assets – 1H 2027 
• Liberty Global (LBTYA US) / Ziggo Group – 2027

European Special Situations on Our Radar – Potential restructurings, activist campaigns and other special situations:

• Diageo plc (DGE LN) – Potential sale of non-core stake in Moet Henessey, Ciroc, and a history of asset sales.
• Smith & Nephew plc (SN LN) – Potential sale or spin of problematic orthopedics division
• ITV plc (ITV LN) – Potential sale of studio business. Silchester International is invested
• Reckitt Benckiser plc (RKT LN) – Potential sale/spin of consumer business. 
• Anglo American AAL (AAL LN) – Streamlining portfolio through asset sales, including platinum, nickel, coal, and De Beers, to focus on core copper, iron ore, and crop nutrient businesses.
• BP plc (BP LN) – Elliott recently took an activist role. Divestments, spending reductions and cost cuts are underway
• DCC plc (DCC LN) – Divestment of info-tech business to Aurelius; reviewing options for technology division to focus solely
  on energy
• Stellantis (STLAM IM) – Luxury car segment Maserati under pressure. 25% tariff net impact to be €1.5 billion
• Continental AG (CON GR) – Proposed separation of ContiTech segment after Automotive spin-off
• AFRY AB (AFRY SS) – Restructured existing five divisions into three global divisions
• Gerresheimer AG (GXI GR)- Separation and divestment of its moulded glass business as a part of strategic transformation 
• AkzoNobel NV (AKZA NA) – Investor activism shown by Cevian, disclosing a 3.02% stake valued at ~€300 million 
• Safran RV (SAF FP) – Potential sale of low-margin Aircraft Interior segment for portfolio optimization.
• Associated British Foods (ABF LN) – ABF is considering a potential spin-off of Primark from its Retail division
• Mediobanca (MB IM) – MPS is considering accelerating MB delisting to spin off its IB and WM division 
• Repsol (REP SM) – Repsol is considering listing its upstream business on a US stock exchange
• Nestle (NESN SW) – Nestle is considering divesting remaining in-house ice cream operations and water division* 

*  New this month

PCS Research Group welcomes and encourages your feedback.  Please feel free to call us if we can be of service.

The Monthly Situation Monitor is a two-part monthly publication that provides summaries of every European spin-off under coverage and analyst commentary on opportunities outside the traditional spin-off space, including carve-outs, activist campaigns, strategic reviews and other special situations.

European Spin-Off Pipeline – Current coverage of announced spin-offs pending completion:

• Aptiv plc (APTV US) / Electrical Distribution Systems Business – March 31, 2026
• Kongsberg Gruppen (KOG NO) / Demerger of Kongsberg Maritime into another listed entity – April 22, 2026 
• SKF AB (SKF-B ST) / Automotive Business – Mid 2026
• Hexagon AB (HEXAB SS) / Asset Lifecycle Intelligence & Others – 1H 2026
• Stora Enso (STER SS) / Forest Assets – 1H 2027 

European Special Situations on Our Radar – Potential restructurings, activist campaigns and other special situations:

• Diageo plc (DGE LN) – Potential sale of non-core stake in Moet Henessey, Ciroc, and a history of asset sales.
• Smith & Nephew plc (SN LN) – Potential sale or spin of problematic orthopedics division
• ITV plc (ITV LN) – Potential sale of studio business. Silchester International is invested
• Reckitt Benckiser plc (RKT LN) – Potential sale/spin of consumer business. 
• Anglo American AAL (AAL LN) – Streamlining portfolio through asset sales, including platinum, nickel, coal, and De Beers, to focus on core copper, iron ore, and crop nutrient businesses.
• BP plc (BP LN) – Elliott recently took an activist role. Divestments, spending reductions and cost cuts are underway
• DCC plc (DCC LN) – Divestment of info-tech business to Aurelius; reviewing options for technology division to focus solely
  on energy
• Stellantis (STLAM IM) – Luxury car segment Maserati under pressure. 25% tariff net impact to be €1.5 billion
• Continental AG (CON GR) – Proposed separation of ContiTech segment after Automotive spin-off
• AFRY AB (AFRY SS) – Restructured existing five divisions into three global divisions
• Gerresheimer AG (GXI GR)- Separation and divestment of its moulded glass business as a part of strategic transformation 
• AkzoNobel NV (AKZA NA) – Investor activism shown by Cevian, disclosing a 3.02% stake valued at ~€300 million 
• Safran RV (SAF FP) – Potential sale of low-margin Aircraft Interior segment for portfolio optimization.
• Associated British Foods (ABF LN) – ABF is considering a potential spin-off of Primark from its Retail division
• Mediobanca (MB IM) – MPS is considering accelerating MB delisting to spin off its IB and WM division 
• Repsol (REP SM) – Repsol is considering listing its upstream business on a US stock exchange 

*  New this month

PCS Research Group welcomes and encourages your feedback.  Please feel free to call us if we can be of service.

The Monthly Situation Monitor is a two-part monthly publication that provides summaries of every European spin-off under coverage and analyst commentary on opportunities outside the traditional spin-off space, including carve-outs, activist campaigns, strategic reviews and other special situations.

European Spin-Off Pipeline – Current coverage of announced spin-offs pending completion:

• Aptiv plc (APTV US) / Electrical Distribution Systems Business – 1Q 2026
• Kongsberg Gruppen (KOG NO) / Demerger of Kongsberg Maritime into another listed entity – April 22, 2026 
• SKF AB (SKF-B ST) / Automotive Business – Mid 2026
• Hexagon AB (HEXAB SS) / Asset Lifecycle Intelligence & Others – 1H 2026

European Special Situations on Our Radar – Potential restructurings, activist campaigns and other special situations:

• Diageo plc (DGE LN) – Potential sale of non-core stake in Moet Henessey, Ciroc, and a history of asset sales.
• Smith & Nephew plc (SN LN) – Potential sale or spin of problematic orthopedics division
• ITV plc (ITV LN) – Potential sale of studio business. Silchester International is invested
• Reckitt Benckiser plc (RKT LN) – Potential sale/spin of consumer business. 
• Anglo American AAL (AAL LN) – Streamlining portfolio through asset sales, including platinum, nickel, coal, and De Beers, to focus on core copper, iron ore, and crop nutrient businesses.
• BP plc (BP LN) – Elliott recently took an activist role. Divestments, spending reductions and cost cuts are underway
• DCC plc (DCC LN) – Divestment of info-tech business to Aurelius; reviewing options for technology division to focus solely
  on energy
• Stellantis (STLAM IM) – Luxury car segment Maserati under pressure. 25% tariff net impact to be €1.5 billion
• Continental AG (CON GR) – Proposed separation of ContiTech segment after Automotive spin-off
• AFRY AB (AFRY SS) – Restructured existing five divisions into three global divisions
• Gerresheimer AG (GXI GR)- Separation and divestment of its moulded glass business as a part of strategic transformation 
• AkzoNobel NV (AKZA NA) – Investor activism shown by Cevian, disclosing a 3.02% stake valued at ~€300 million 
• Safran RV (SAF FP) – Potential sale of low-margin Aircraft Interior segment for portfolio optimization.
• Associated British Foods (ABF LN) – ABF is considering a potential spin-off of Primark from its Retail division

*  New this month

PCS Research Group welcomes and encourages your feedback.  Please feel free to call us if we can be of service.

The Monthly Situation Monitor is a two-part monthly publication that provides summaries of every European spin-off under coverage and analyst commentary on opportunities outside the traditional spin-off space, including carve-outs, activist campaigns, strategic reviews and other special situations.

European Spin-Off Pipeline – Current coverage of announced spin-offs pending completion:

• Aptiv plc (APTV US) / Electrical Distribution Systems Business – 1Q 2026
• SKF AB (SKF-B ST) / Automotive Business – Mid 2026
• Hexagon AB (HEXAB SS) / Asset Lifecycle Intelligence & Others – 1H 2026
• Stora Enso Oyj (STERV FH) / Swedish Forest Assets – 1H 2027

European Special Situations on Our Radar – Potential restructurings, activist campaigns and other special situations:

• Diageo plc (DGE LN) – Potential sale of Ciroc, non-core stake in Moet Henessey and a history of asset sales
• Smith & Nephew plc (SN LN) – Potential sale or spin of problematic orthopedics division
• ITV plc (ITV LN) – Potential sale of studio business. Silchester International is invested
• Reckitt Benckiser plc (RKT LN) – Potential sale/spin of consumer business. Agreed to divest its EH business to Advent International for ~$4.8bn for 70% stake
• Anglo American AAL (AAL LN) – Streamlining portfolio through asset sales, including platinum, nickel, coal, and De Beers, to focus on core copper, iron ore, and crop nutrient businesses.
• BP plc (BP LN) – Elliott recently took an activist role. Divestments, spending reductions and cost cuts are underway
• DCC plc (DCC LN) – Announced sale of healthcare division and divestment of info-tech business to Aurelius; reviewing options for technology division to focus solely on energy
• Stellantis (STLAM IM) – Luxury car segment Maserati under pressure. 25% tariff net impact to be €1.5 billion
• Continental AG (CON GR) – Proposed separation of ContiTech segment after Automotive spin-off
• AFRY AB (AFRY SS) – Restructured existing five divisions into three global divisions
• Rheinmetall (RHM GR) – Reviewing strategic alternatives for its Power Systems division, including a potential sale or spin-off 
• Gerresheimer AG (GXI GR)- Separation and divestment of its moulded glass business as a part of strategic transformation 
• AkzoNobel NV (AKZA NA) – Investor activism shown by Cevian, disclosing a 3.02% stake valued at ~€300 million 
• Safran RV (SAF FP) – Sale of low-margin Aircraft Interior segment for portfolio optimization.
• Associated British Foods (ABF LN) – ABF is considering a potential spin-off of Primark from its Retail division

*  New this month

PCS Research Group welcomes and encourages your feedback.  Please feel free to call us if we can be of service.

The Monthly Situation Monitor is a two-part monthly publication that provides summaries of every European spin-off under coverage and analyst commentary on opportunities outside the traditional spin-off space, including carve-outs, activist campaigns, strategic reviews and other special situations.

European Spin-Off Pipeline – Current coverage of announced spin-offs pending completion:

• Unilever plc (ULVR LN) / The Magnum Ice Cream Company (MICC)- December 6, 2025
• SKF AB (SKF-B ST) / Automotive Business – 1H 2026
• Aptiv plc (APTV US) / Electrical Distribution Systems Business – 1Q 2026
• Hexagon AB (HEXAB SS) / Asset Lifecycle Intelligence & Others – 1H 2026

European Special Situations on Our Radar – Potential restructurings, activist campaigns and other special situations:

• Diageo plc (DGE LN) – Potential sale of Ciroc, non-core stake in Moet Henessey and a history of asset sales
• Smith & Nephew plc (SN LN) – Potential sale or spin of problematic orthopedics division
• ITV plc (ITV LN) – Potential sale of studio business. Silchester International is invested
• Reckitt Benckiser plc (RKT LN) – Potential sale/spin of consumer business. Agreed to divest its EH business to Advent International for ~$4.8bn for 70% stake
• Anglo American AAL (AAL LN) – Streamlining portfolio through asset sales, including platinum, nickel, coal, and De Beers, to focus on core copper, iron ore, and crop nutrient businesses.
• BP plc (BP LN) – Elliott recently took an activist role. Divestments, spending reductions and cost cuts are underway
• Smiths Group plc (SMIN LN) – On track to sell Interconnect segment by 2025, followed by demerger/ sale of the Detection segment.
• DCC plc (DCC LN) – Announced sale of healthcare division and divestment of info-tech business to Aurelius; reviewing options for technology division to focus solely on energy
• Stellantis (STLAM IM) – Luxury car segment Maserati under pressure. 25% tariff net impact to be €1.5 billion
• Continental AG (CON GR) – Proposed separation of ContiTech segment after Automotive spin-off
• AFRY AB (AFRY SS) – Restructured existing five divisions into three global divisions
• Colruyt Group (COLR BB) – Exploring strategic options for its loss-making French integrated retail business
• Rheinmetall (RHM GR) – Reviewing strategic alternatives for its Power Systems division, including a potential sale or spin-off 
• Gerresheimer AG (GXI GR)- Separation and divestment of its moulded glass business as a part of strategic transformation 
• AkzoNobel NV (AKZA NA) – Investor activism shown by Cevian, disclosing a 3.02% stake valued at ~€300 million 
• Safran RV (SAF FP) – Sale of low-margin Aircraft Interior segment for portfolio optimization.

*  New this month

PCS Research Group welcomes and encourages your feedback.  Please feel free to call us if we can be of service.

The Monthly Situation Monitor is a two-part monthly publication that provides summaries of every European spin-off under coverage and analyst commentary on opportunities outside the traditional spin-off space, including carve-outs, activist campaigns, strategic reviews and other special situations.

European Spin-Off Pipeline – Current coverage of announced spin-offs pending completion:

• Unilever plc (ULVR LN) / The Magnum Ice Cream Company- November 2025
• SKF AB (SKF-B ST) / Automotive Business – 1H 2026
• Aptiv plc (APTV US) / Electrical Distribution Systems Business – 1Q 2026
• Hexagon AB (HEXAB SS) / Asset Lifecycle Intelligence & Others – 1H 2026

European Special Situations on Our Radar – Potential restructurings, activist campaigns and other special situations:

• Diageo plc (DGE LN) – Potential sale of Ciroc, non-core stake in Moet Henessey and a history of asset sales
• Smith & Nephew plc (SN LN) – Potential sale or spin of problematic orthopedics division
• ITV plc (ITV LN) – Potential sale of studio business. Silchester International is invested
• Reckitt Benckiser plc (RKT LN) – Potential sale/spin of consumer business. Agreed to divest its EH business to Advent Interantional for ~$4.8bn for 70% stake
• Anglo American AAL (AAL LN) – Streamlining portfolio through asset sales, including platinum, nickel, coal, and De Beers, to focus on core copper, iron ore, and crop nutrient businesses.
• BP plc (BP LN) – Elliott recently took an activist role. 
• Thyssenkrupp (TKA GY) – Marine Systems spin-off by 2025, plans to separate Materials Services, Automotive Technology and Decarbon Technologies
• Smiths Group plc (SMIN LN) – On track to sell Interconnect segment by 2025, followed by demerger/ sale of the Detection segment.
• DCC plc (DCC LN) – Announced sale of healthcare division and divestment of info-tech business to Aurelius; reviewing options for technology division to focus solely on energy
• Stellantis (STLAM IM) – Luxury car segment Maserati under pressure. 25% tariff net impact to be €1.5 billion
• Continental AG (CON GR) – Proposed separation of ContiTech segment after Automotive spin-off
• AFRY AB (AFRY SS) – Restructured existing five divisions into three global divisions
• Colruyt Group (COLR BB) – Exploring strategic options for its loss-making French integrated retail business
• Rheinmetall (RHM GR) – Reviewing strategic alternatives for its Power Systems division, including a potential sale or spin-off 
• Gerresheimer AG (GXI GR)- Separation and divestment of its moulded glass business as a part of strategic transformation 
• AkzoNobel NV (AKZA NA) – Investor activism shown by Cevian, disclosing a 3.02% stake valued at ~€300 million 

*  New this month

PCS Research Group welcomes and encourages your feedback.  Please feel free to call us if we can be of service.