Brazil's Moreira Salles family confirmed its interest in buying French glass packaging maker Verallia PA but said it would assess a bid after Verallia's full-year results on 19 February, 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), expects to offer €30 per share for the stake it does not already own in Verallia, including 2024 dividends, the family's office said in a statement.
Analysis 'remains at a preliminary stage', with further assessment expected after Verallia's full-year results on 19 February, BWGI said.
Assess The Offer
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 at 08:55 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 (31 January).
Elsewhere, new research from Industrial Physics has revealed that close to half (48%) of packaging companies in the food and beverage sector are focusing on future-proofing their operations,
News by Reuters, additional reporting by ESM.
