Consortia Battle for Deoleo with Proposals Exceeding EUR 510 Million

✦ Meridian Analysis

Migasa has teamed with Coricelli, while Dcoop and Acesur have joined forces to submit competing offers for Deoleo, the owner of the Carbonell brand. Both consortia are reported to have put forward proposals that together exceed EUR 510 million, but the exact bid amounts, valuation multiples and financing structures have not been disclosed. The process is still at the rumour stage. Meridian reported earlier in August that Coricelli’s offer of around EUR 500 million had already pushed Deoleo’s share price lower, and a subsequent report on 2 September noted Coricelli’s negotiations with UniCredit to secure debt financing for the deal. Observers should watch for the disclosure of the final bid price, the leverage ratio and any bridge financing that may be required to close the transaction. Details on advisers, antitrust clearances and the expected timetable for board approval have not been made public.

The Meridian Weekly