#83809
#83810
Re: Cobas AM: Nueva Gestora de Francisco García Paramés
#83811
Re: Cobas AM: Nueva Gestora de Francisco García Paramés
#83812
Re: Cobas AM: Nueva Gestora de Francisco García Paramés
Aryzta activists Veraison/Cobas will not demand any fire sale of Aryzta’s assets in the near term
02 JUL 2020
Aryzta’s [SWX:ARYN] activist investors, led by Veraison Capital, are not looking to push for a “fire sale” of any of the company’s assets, representatives of the group said during today’s press conference attended by this news service.
The investors do not have a specific time frame set for any disposals but expects the whole process of value uplift, including an already announced strategic review led by Rothschild, to last between 12 and 24 months, they said.
In May, Veraison disclosed a 17.3% shareholding in-concert with existing investor Cobas Asset Management and Heiner Kamps, and asked for changes to simplify the company and help boost its share price. This morning the group said it had surpassed a 20% shareholding in the Swiss baked goods company.
The investor expects a new board, composed by the directors it proposed, to conduct an independent assessment in terms of profitability and growth profile of individual businesses within Aryzta group, they said. After that it will be easier to understand which parts of the business could be sold, and for which ones Aryzta can bring added value.
For this reason, the investor has called for a general shareholder meeting as soon as possible, they said. The investor expects the proposals from Rothschild to be reviewed by the new board rather than the current one.
Asset disposals of EUR 600m would allow Aryzta to reduce all, or a large part, of its net debt, they said. Veraison estimates Aryzta’s net debt to be 7 times its 2020 EBITDA while industry standard is up to 3 times, they added.
Deleveraging will allow Aryzta to focus on long-term growth rather than servicing its debt, which has been the case in the last few years, they added.
Asked about the prospect of takeover approaches by private equity firms, the investors specified that “making Aryzta great again” is their objective rather than selling the whole company. The valuation and the situation of the company should be taken over by a trusted board, they added.
An Aryzta spokesperson reiterated previous statements to the market, noting that Aryzta has already delivered some 85% of its stated asset disposal target with those proceeds applied to continued net debt reduction.
by Barbara Pianese in London
#83813
Re: Cobas AM: Nueva Gestora de Francisco García Paramés
Ojo como esto salga bien podría significar un cambio de rumbo en la estrategia de COBAS.
¿Os imagináis Paramés convertido en una suerte de Icahn o Ackman pero en Europa?
Eso + la infravaloración de muchísimas compañías europeas por desconocimiento + complejidad + poco alineamiento de intereses podría ser un cambio de paradigma muy interesante.
¿Os imagináis Paramés convertido en una suerte de Icahn o Ackman pero en Europa?
Eso + la infravaloración de muchísimas compañías europeas por desconocimiento + complejidad + poco alineamiento de intereses podría ser un cambio de paradigma muy interesante.
#83814
Re: Cobas AM: Nueva Gestora de Francisco García Paramés
#83815
Re: Cobas AM: Nueva Gestora de Francisco García Paramés
No veo yo a ningún gestor europeo/español con madera de activista. Aquí se autodenominarán gestores activos, pero son bastante pasivos, pero creo que el entorno político y cultural tampoco les permitiría hacer gran cosa.Para eso hay que estar hecho de otra madera. Y tampoco es posible en cualquier entorno, creo que sólo surgir en una cultura como la americana en que la propiedad privada sea lo primero.
#83816