Spain’s Ibersuizas has rejected reports that it is considering bidding for up to 30% of dairy firm Pascual, leaving rival UK buyout firm 3i as the only interested party.
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“We have no intention to buy any shares in Pascual,” an Ibersuizas spokesman told just-food.
His comments follow rumours that Ibersuizas and 3i were negotiating the purchase of the stake, which could fetch EUR120m (US$151.2m).
Madrid-based Pascual is reportedly looking to boost its balance sheet on the back of plunging consumption rates in crisis-hit Spain where GDP is expected to shrink 1.6% this year.
3i declined to comment as did a Pascual spokesman.
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By GlobalDataHowever, a Madrid buyout executive, said: “Pascual needs cash to pay short-term liabilities with banks such as BBVA and Santander so a sale is likely.”
With annual EBITDA of around EUR50m, Pascual sells leading milk brand Leche Pascual as well as yoghurt, juice and cereal products.
The company is said to have debts of EUR400m.
