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September 21, 2011

SPAIN: “Four bidders” in race for Cacaolat

Four bids have reportedly been made for bankrupt Spanish food and drink firm Cacaolat.

By Dean Best

Four bids have reportedly been made for bankrupt Spanish food and drink firm Cacaolat.

Spanish dairy processor Capsa and bottled water firm Vichy Catalan are among the bidders for Cacaolat, reports from Spain have said this week.

Roures Reengineering, a venture between former Cacaolat executives and frozen-food company Maheso, and a consortium of Spanish brewer Damm, Coca-Cola bottler Cobega and private-equity firm Victory Corporate Turnaround are the other bidders.

Reports have said that Capsa has made the highest offer for Cacaolat, with a bid of EUR55m. Capsa is also said to have offered to build a new production unit. Officials at Capsa could not be reached for comment.

The consortium including Damm, Cobega and Victory Corporate Turnaround is reported to have offered EUR40.5m. A statement from the consortium did not specify how much they had offered for Cacaolat but the companies said they would invest EUR100m in the business, including money to build a new factory on the site of a former Damm brewery. Officials for the consortium could not be reached for immediate comment.

Reports have said that Vichy Catalan tabled a bid worth EUR36.8m. The venture including the former Cacaolat executives have offered EUR12m. Both offers also include plans for a new factory.

Cacoalat is part of Nueva Rumasa, the Spanish conglomerate that fell into bankruptcy earlier this year with debts of EUR700m.

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