Wednesday May 7, 10:55 AM
Carlyle private equity to acquire controlling stake in Greek Neochimikisources
ATHENS (Thomson Financial) - Private equity fund Carlyle Group is set to acquire a controlling stake in Greek chemical company Neochimiki SA, sources close to the matter said to Thomson Financial News.
The sources explained that the
main shareholder, Lavrentis Lavrentiadis, and other stakeholders have agreed with the fund to sell their 67 percent stakes of Neochimiki at 19 euros per share.
Carlyle is likely to de-list Neochimiki from the Athens Stock Exchange so the sources expect it will launch a public offer for the whole of the company.
For 2008 Neochimiki is expected to generate net profits of 60 million euros, it has cash reserves of about 110 million euros, and zero debt finance.
The sources noted that Carlyle has already been in touch with investment banks to secure funds for the acquisition, which include Dresdner Bank, ABN Amro (Amsterdam: ABAGB.AS - news) , Credit Agricole (Paris: FR0000045072 - news) and several Greek banks. The US headquartered private equity fund is expected to finance 55 percent of the acquisition via lending.
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