The share price of Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) has risen 13% since 16 August 2019.
That's not bad for a defensive, diversified business like Soul Patts. The reason for the rise is that two of the investment conglomerate's major holdings are in the news at the moment.
The TPG Telecom Ltd (ASX: TPM) share price has risen 13% since 4 September 2019 with the telco challenging the ACCC decision to block its proposed merger with Vodafone.
Investors seem to be liking the arguments being put forth by the lawyers representing Vodafone and TPG and the chances of overturning the decision seems to be rising. However, I wouldn't chalk up a win to the telcos just yet, there's still a long way to go.
This is very important for Soul Patts because it owns just over 25% of TPG, so the decision could cost or add hundreds of millions of dollars to Soul Patts' portfolio.
Another of Soul Patts' big holdings has also benefited from court news. The New Hope Corporation Limited (ASX: NHC) share price is up 21% since 16 August 2019 and it's up 9% this week.
The Queensland Court of Appeal ruled against Oakey Coal Action Alliance Inc in relation to the New Acland Stage 3 project, meaning New Hope won. The Court also further ruled in favour of New Acland Coal Pty Ltd regarding groundwater.
This is important for Soul Patts because it owns half of New Hope.
It's a good turnaround that both businesses which were under pressure are on the up.
Foolish takeaway
I still think that the Soul Patts share price is a buy. Despite the run up of the share price, it offers a forward grossed-up dividend yield of 3.8%. This is an attractive yield for perhaps the best hold-forever ASX share.
