Ffynnon Vierundzwanzigste Vermögensverwaltung AG, the asset management arm of Italian pasta empire Barilla, has today [Monday] launched an offer to take control of German bakery group Kamps for €12 (US$10.6) per share. It is unclear whether the takeover bid is hostile or not.
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Kamps and Barill have been in on-and-off talks for some time regarding a possible collaboration. just-food.com members can click here for further information. (https://www.just-food.com/news_detail.asp?art=48055)
The bid values Kamps at €993.5m. Kamps has dismissed the offer as “far too low”, saying it is not acceptable to shareholders, but an analyst for WestLB Panmure described the offer as “good”.
Guido Barilla, chairman, said: “The very high price we are prepared to pay reflects the company’s position as one of the fastest growing bakery businesses in Europe and its strong position in Germany, France and the Netherlands.”
Kamps reported net profits of €5.5m in 2001 on sales of €1.7bn. The largest baker in Europe, it payrolls 14,681 employees and operates 1,984 outlets. The group has made a string of acquisitions in the last five years, which have strained its finances.
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By GlobalDataA Kamps spokesman refused to say whether the company regarded the offer as a hostile one.
Stock market response to news of the bid was positive. Kamps shares on the Frankfurt Stock Exchange rose 13.82% to an intraday high of €12.27.
Ffynnon Vierundzwanzigste Vermögensverwaltung AG is to be renamed Finba Bakery Europe AG.
