By Alessandro Parodi (Reuters) -Brazil's Moreira Salles family on Monday confirmed its interest in acquiring French glass packaging producer Verallia and said that it does not intend to delist the
Moreira Salles Family Evaluates Bid for French Glass Maker Verallia
By Alessandro Parodi
(Reuters) -Brazil's Moreira Salles family on Monday confirmed its interest in buying French glass packaging maker Verallia but said it would assess a bid after Verallia's full-year results on Feb. 19, sending the French firm's shares down as much as 10%.
The decline reversed most of the gains the Paris-listed stock made on Friday on the back of takeover speculation, as investors saw the assessment as a potential reason not to make an offer, said an analyst who asked not to be named.
"There's just a feeling that maybe there won't be such an exciting offer forthcoming, particularly if they're not looking to take the whole company private," the analyst said.
BW Gestao de Investimentos (BWGI), owned by the Moreira Salles holding company Brasil Warrant Administracao de Bens e Empresas (BWSA), said it expects to offer 30 euros per share for the stake it does not already own in Verallia, including 2024 dividends, and it does not intend to delist the company.
Verallia said its board will meet "as soon as possible" to assess the offer once it is formally submitted. The French company's shares were down 6.1% to 27.98 euros at 0855 GMT.
BWGI owns about 28.8% of Verallia's capital and 27.9% of the voting rights through the Kaon V fund, its statement said.
A potential bid to take the company private was first reported by Bloomberg News on Friday.
($1 = 0.9763 euros)
(Reporting by Alessandro ParodiEditing by David Goodman and Mark Potter)
