Pescanova’s board has given its approval to a takeover bid for the Spanish seafood group from a consortium including local brewer Grupo Damm and three private-equity firms.

The offer, put together by Damm, plus buy-out houses Luxempart, KKR and Ergon Capital Partners, has been selected out of five bids for the ailing processor. The value of the bids were not disclosed.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Pescanova’s directors said the bid was “the most suitable to lead the restructuring process and ensure Pescanova’s future viability”.

The company filed for insolvency earlier this year. According to Reuters, Pescanova’s auditors said its management had tried to hide debts. KPMG had found Pescanova had debts of EUR3.6bn (US$4.95bn).

Damm and Luxempart are existing shareholders in Pescanova and collectively hold a stake of around 11%.

See Also:

Pescanova’s directors plan to hold talks with creditors to try to strike a deal over the company’s debts.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.