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Corporate actions

Mergers and demergers

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Overview

Mergers and demergers are significant corporate actions that can fundamentally alter the structure and strategy of companies. A merger involves the combination of two or more companies into a single entity. Conversely, a demerger involves a company splitting into two or more independent entities.

The following examples will highlight some different merger and demerger scenarios with a particular emphasis on the continuity of the identifiers used by the corporate actions dataset.

See also
See also

Corporate actions dataset guide for further details.

Requesting mergers and demergers

This example demonstrates how to use the Reference client to retrieve all mergers and demergers for January 2024.

We can query for all merger and demerger activity by filtering specifically for the following event types:

  • MRGR (Merger)
  • DMRGR (Demerger)
  • CONSD (Consolidation)
  • SOFF (Spin-Off)
Python
import databento as db

# Create a reference client
ref_client = db.Reference(key="$YOUR_API_KEY")

# Request the merger and demerger events
df_raw = ref_client.corporate_actions.get_range(
    symbols="ALL_SYMBOLS",
    start="2024-01",
    end="2024-02",
    events=["MRGR", "DMRGR", "CONSD", "SOFF"],
    countries=["US"],
)

# Filter relevant columns
columns = [
    "event",
    "operating_mic",
    "isin",
    "symbol",
    "issuer_name",
    "security_description",
]
df = df_raw[columns]

df.head(20)

Result

Python
            event operating_mic          isin symbol                          issuer_name       security_description
event_date
2024-01-03   SOFF          XNAS  SG9999000020   FLEX                             Flex Ltd            Ordinary Shares
2024-01-03  CONSD          OTCM  HK8028008944  TMLSF  Timeless Resources Holdings Limited            Ordinary Shares
2024-01-04  CONSD          OTCM  CA46123W1041  IMTCF                 Intrepid Metals Corp            Ordinary Shares
2024-01-04   MRGR          XNYS  US53814L1089   LTHM                          Livent Corp            Ordinary Shares
2024-01-06  CONSD          OTCM  CA15722J1030  CYLYF                 Ceylon Graphite Corp            Ordinary Shares
2024-01-06  CONSD          OTCM  CA74359L1058  PMCOF               Prospector Metals Corp            Ordinary Shares
2024-01-08  CONSD          OTCM  CA7481191046  QNICF                   Quebec Nickel Corp            Ordinary Shares
2024-01-09  CONSD          OTCM  NO0003070609  IDXAF                  IDEX Biometrics ASA            Ordinary Shares
2024-01-09  DMRGR          OTCM  CA51440M1023  LANRF              Lancaster resources inc            Ordinary Shares
2024-01-11   SOFF          XNAS  US70387R4039   PAVM                           PAVmed Inc            Ordinary Shares
2024-01-11  CONSD          OTCM  SE0007692124  IMNTF                          Vidhance AB            Ordinary Shares
2024-01-12  CONSD          OTCM  CA60928P1071  MEAUF                      Moneta Gold Inc            Ordinary Shares
2024-01-16  DMRGR          OTCM  CA30330R1082  FUUFF                      F3 Uranium Corp            Ordinary Shares
2024-01-16   SOFF          XNYS  US60784B1017    MDV                 Modiv Industrial Inc  Ordinary Shares - Class C
2024-01-16  DMRGR          OTCM  CA30330R1082  FUUFF                      F3 Uranium Corp            Ordinary Shares
2024-01-16  CONSD          XASE  CA98980M1095    ZOM                        Zomedica Corp            Ordinary Shares
2024-01-16  CONSD          OTCM  CA00208E2087  AATGF       ATI Airtest Technologies, Inc.            Ordinary Shares
2024-01-17  CONSD          OTCM  GB00BLG2TX24  RPNRF                  Rapid Nutrition PLC          Registered Shares
2024-01-18  CONSD          OTCM  CA53681M1068  GLIOF              Lithium Lion Metals Inc            Ordinary Shares
2024-01-18  DMRGR          OTCM  FR0000121220  SDXOF                               Sodexo            Ordinary Shares

Fiat Chrysler Automobiles and PSA Group merger

In January 2021, Fiat Chrysler Automobiles (FCAU) and PSA Group (UG) completed a merger to form Stellantis (STLA), a global automotive giant. This merger combined the strengths and resources of both companies to enhance their competitive edge in the automotive industry.

Original companies

  • Fiat Chrysler Automobiles listed on the New York Stock Exchange under the ticker symbol FCAU.
  • PSA Group listed on Euronext Paris under the ticker symbol UG.

New company

  • Following the merger, Stellantis listed on the New York Stock Exchange under the ticker symbol STLA.

To analyze the merger to Stellantis (STLA), we can request all Fiat Chrysler (FCAU) corporate actions for January 2021 and call .head() on the data frame. The merger and name change is evident with the record having an event of ISCHG (Issuer Name Change), an event_date_label of name_change_date on an effective_date of 2021-01-17.

Notice the identical listing_id, security_id and issuer_id records for the NYSE listed stock Stellantis (STLA) changing symbol to FCAU.

See also
See also

Corporate actions dataset guide for further details on listing continuity.

Python
import databento as db

# Create a reference client
ref_client = db.Reference(key="$YOUR_API_KEY")

# Request corporate actions for Fiat Chrysler Automobiles for January 2021
df_raw = ref_client.corporate_actions.get_range(
    symbols=["FCAU"],
    start="2021-01",
    end="2021-02",
    countries=["US"],
)

# Filter relevant columns
columns = [
    "event",
    "event_date_label",
    "issuer_id",
    "security_id",
    "listing_id",
    "operating_mic",
    "isin",
    "symbol",
    "issuer_name",
]
df = df_raw[columns]

df.head(10)

Result

Python
            event   event_date_label issuer_id security_id  listing_id operating_mic          isin symbol     issuer_name
event_date
2021-01-04    AGM       meeting_date  I-166801   S-4329550  L-16138235          XNYS  NL00150001Q9   STLA  Stellantis N.V
2021-01-14    DIV            ex_date  I-166801   S-4329550  L-16138235          XNYS  NL00150001Q9   STLA  Stellantis N.V
2021-01-17  ISCHG   name_change_date  I-166801   S-4329550  L-16138235          XNYS  NL0010877643   FCAU  Stellantis N.V
2021-01-18    ICC     effective_date  I-166801   S-4329550  L-16138235          XNYS  NL00150001Q9   STLA  Stellantis N.V
2021-01-18   BBCC     effective_date  I-166801   S-4329550  L-16138235          XNYS  NL00150001Q9   STLA  Stellantis N.V
2021-01-18   BBEC     effective_date  I-166801   S-4329550  L-16138235          XNYS  NL00150001Q9   STLA  Stellantis N.V
2021-01-19    LCC     effective_date  I-166801   S-4329550  L-16138235          XNYS  NL00150001Q9   STLA  Stellantis N.V
2021-01-19   BBCC     effective_date  I-166801   S-4329550  L-16138235          XNYS  NL00150001Q9   STLA  Stellantis N.V
2021-01-19   BBEC     effective_date  I-166801   S-4329550  L-16138235          XNYS  NL00150001Q9   STLA  Stellantis N.V
2021-01-25    ANN  notification_date  I-166801   S-4329550  L-16138235          XNYS  NL00150001Q9   STLA  Stellantis N.V

DowDuPont demerger

In 2019, DowDuPont completed its planned separation into three independent, publicly traded companies. This strategic move aimed to unlock value by allowing each company to focus on its core strengths, potentially leading to better operational performance and market valuation.

Original company

  • DowDuPont (DWDP) formed through the merger of Dow Chemical and DuPont on August 31, 2017.

New companies

  • Dow Inc. listing on the New York Stock Exchange under the ticker symbol DOW.
  • DuPont de Nemours, Inc. listing on the New York Stock Exchange under the ticker symbol DD.
  • Corteva, Inc. listing on the New York Stock Exchange under the ticker symbol CTVA.

To analyze the DowDuPont split, request all DowDuPont (DWDP) corporate actions for 2019 and call .head() on the data frame. The demerger and name changes are evident with records indicating events such as ISCHG (Issuer Name Change) and SHOCH (Shares Outstanding Change), showing transitions to Dow Inc. (DOW), DuPont (DD), and Corteva (CTVA).

Note the listing_id for DuPont of L-17235812 continued post spin-offs, retaining ticker symbol DD.

Python
import databento as db

# Create a reference client
ref_client = db.Reference(key="$YOUR_API_KEY")

# Request corporate actions for DowDuPont for 2019
df = ref_client.corporate_actions.get_range(
    symbols=["DWDP"],
    start="2019",
    countries=["US"],
)

# Filter relevant columns
columns = [
    "event",
    "event_date_label",
    "issuer_id",
    "security_id",
    "listing_id",
    "operating_mic",
    "isin",
    "symbol",
    "issuer_name",
]
df = df[columns]

df.head(10)

Result

Python
            event   event_date_label issuer_id security_id  listing_id operating_mic          isin symbol            issuer_name
event_date
2019-01-31  SHOCH     effective_date  I-197078   S-5229608  L-17235812          XNYS  US26614N1028     DD  DuPont de Nemours Inc
2019-02-27    DIV            ex_date  I-197078   S-5229608  L-17235812          XNYS  US26614N1028     DD  DuPont de Nemours Inc
2019-04-02   SOFF            ex_date  I-197078   S-5229608  L-17235812          XNYS  US26614N1028     DD  DuPont de Nemours Inc
2019-04-03    ANN  notification_date  I-197078   S-5229608  L-17235812          XNYS  US26614N1028     DD  DuPont de Nemours Inc
2019-04-26  SHOCH     effective_date  I-197078   S-5229608  L-17235812          XNYS  US26614N1028     DD  DuPont de Nemours Inc
2019-04-30  SHOCH     effective_date  I-197078   S-5229608  L-17235812          XNYS  US26614N1028     DD  DuPont de Nemours Inc
2019-05-02    DIV            ex_date  I-197078   S-5229608  L-17235812          XNYS  US26614N1028     DD  DuPont de Nemours Inc
2019-05-06    ANN  notification_date  I-197078   S-5229608  L-17235812          XNYS  US26614N1028     DD  DuPont de Nemours Inc
2019-05-23    AGM       meeting_date  I-197078   S-5229608  L-17235812          XNYS  US26614N1028     DD  DuPont de Nemours Inc
2019-06-01    ICC     effective_date  I-197078   S-5229608  L-17235812          XNYS  US26614N1028     DD  DuPont de Nemours Inc
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