(Reuters) -Brazil's Moreira Salles family said on Monday it would launch a takeover bid for all shares of French bottler Verallia that it does not own, and confirmed it would pay 30 euros ($32.51) for
Moreira Salles Family Initiates Takeover of French Bottler Verallia
(Reuters) -Brazil's Moreira Salles family said on Monday it would launch a takeover bid for all shares of French bottler Verallia that it does not own, and confirmed it would pay 30 euros ($32.51) for each, valuing the company at 6.1 billion euros.
BW Gestao de Investimentos (BWGI), owned by the Moreira Salles holding company Brasil Warrant Administracao de Bens e Empresas (BWSA), said in February it wanted to buy out Verallia, in which it already owns a stake of about 28.8%, but would assess a bid after the company's full-year results.
The French group reported later in the month adjusted core earnings (EBITDA) slightly above consensus for 2024, and said it expected similar profit levels in 2025, with more than doubled free-cash-flow generation.
BWGI said it expects the initial offer period to close towards the end of the first half of 2025.
It added that it does not plan to delist the company, and that the offer will not lead to any job cuts.
"In a complex environment, BWGI's objective is to reinforce the stability of Verallia," it said in a statement.
Representatives of Verallia were not immediately available for a response.
($1=0.9228 euros)
(Reporting by Alessandro Parodi; Editing by Clarence Fernandez and Mrigank Dhaniwala)
