Compagnie de Saint-Gobain Disposal (4704P)
June 08 2015 - 2:08AM
UK Regulatory
TIDMCOD
RNS Number : 4704P
Compagnie de Saint-Gobain
08 June 2015
Paris, June 8, 2015
Sale of Verallia: Saint-Gobain has entered into exclusive talks
with Apollo
Following a comprehensive process, Saint-Gobain has granted
funds managed by affiliates of Apollo Global Management, LLC
(together with its consolidated subsidiaries, "Apollo") exclusivity
after having received a purchase offer for Verallia of EUR2,945
million (enterprise value). This firm and binding offer is not
subject to any financing conditions.
Apollo is also currently in talks with Banque Publique
d'Investissement (BPI) in connection with BPI's potential
acquisition of a minority stake in Verallia.
Saint-Gobain chose Apollo for the quality of its offer and its
support for the industrial project and for Verallia's
employees.
Verallia is one of the leading manufacturers of glass bottles
and jars in the world, generating EUR2,391 million in net sales and
EUR230 million in operating income in 2014 (excluding Verallia
North America, which exited the Group in April 2014). It has 47
plants in 13 countries and employs nearly 10,000 people.
The agreement between Saint-Gobain and funds managed by
affiliates of Apollo will be able to be finalized following the
customary information and consultation procedures with the Group's
employee representative bodies. The completion of the transaction
is subject to the approval of certain competition authorities,
including the European Commission, and should be effective before
the end of the year.
Pierre-André de Chalendar, Chairman and Chief Executive Officer
of Saint-Gobain, said:
"The sale of Verallia would complete Saint-Gobain's strategic
refocus on the design, manufacture and distribution of innovative,
high-performance solutions for the habitat and industrial markets,
on which the Group continues to develop."
Robert Seminara, Senior Partner at Apollo, and Jean-Luc
Allavena, Operating Executive at Apollo, said:
"We are extremely excited to be acquiring Verallia, which is an
outstanding franchise and one of the world's leading packaging
companies. We look forward to partnering with management and its
tremendous employee base to support the continued growth and
innovation of Verallia."
ABOUT SAINT-GOBAIN
In 2015, Saint-Gobain is celebrating its 350(th) anniversary,
350 reasons to believe in the future. Backed by its experience and
its capacity to continuously innovate, Saint-Gobain, the world
leader in the habitat and construction market, designs,
manufactures and distributes high-performance and building
materials providing innovative solutions to the challenges of
growth, energy efficiency and environmental protection. With 2014
sales of EUR41 billion, Saint-Gobain operates in 64 countries and
has over 180,000 employees. For more information about
Saint-Gobain, visit www.saint-gobain.comand the twitter account
@saintgobain or download the "Saint-Gobain Shareholder" application
for tablet and smartphone.
ABOUT APOLLO
Apollo is a leading global alternative investment manager.
Apollo had assets under management of approximately $163 billion as
of March 31, 2015 in private equity, credit and real estate funds
invested across a core group of nine industries where Apollo has
considerable knowledge and resources, including the packaging and
materials sectors. Apollo has a strong track record in France based
on investments in major industrial companies such as Constellium.
For more information about Apollo, please visit www.agm.com .
Analyst/Investor relations Press relations
+33 1 47 62 32
For Saint-Gobain: 52 +33 1 47 62
+33 1 47 62 44 30 48
Gaetano Terrasini 29 Sophie Chevallon +33 1 47 62
Vivien Dardel +33 1 47 62 30 Susanne Trabitzsch 43 25
Marine Huet 93
For Apollo:
Gary Stein +1 212 822 0467 Benoît Gausseron +33 6 46 47
Noah Gunn +1 212 822 0540 (Taddeo) 09 49
--------------------- ------------------- ----------------------------------------------- --------------
Appendix: Verallia key financial data(1)
For the three months For the year For the twelve
ended March 31, ended December months ended
31, 2014 March 31,
2015
---------------- ---------------
EURm 2014 2015
------------------------ ----------- ---------- ---------------- ---------------
Net sales 544.4 549.8 2,391.0 2,396.4
Operating income 37.4 45.7 230.1 238.4
Business income(2) 35.7 43.6 211.8 219.8
EBITDA(3) 78.5 87.0 396.9 405.4
Capital expenditure(4) 27.9 40.5 197.2 210.8
1. The summary combined financial information as of and for the
twelve months ended December 31, 2014 was derived from our audited
financial statements. The summary condensed combined financial
information as of and for the three months ended March 31, 2014 and
2015 was derived from our unaudited interim financial statements.
The financial information for the twelve months ended March 31,
2015 was derived by adding the unaudited condensed interim combined
financial information for the three months ended March 31, 2015 to
the audited combined financial information for the year ended
December 31, 2014 and subtracting the unaudited condensed interim
combined financial information for the three months ended March 31,
2014.
2. Business income includes all income and expenses (other than
borrowing costs and other financial costs and other financial
income and expense, and income taxes).
3. EBITDA = operating income plus depreciation and amortization
on tangible and intangible assets.
4. Investments in tangible and intangible assets.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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