Saint-Gobain has received a number of important bids for the sale of its glass-packaging unit Verallia. Inside information claims the deal is worth more than EUR 2.8 billion.
According to those ‘in the know’, the deal is valued at more than EUR 2.8 billion (USD 3.1 billion), but there is still a possibility that another bidder might trump Apollo at the last minute.
Saint-Gobain Chief Executive Officer Pierre-Andre de Chalendar said last week that Verallia attracted five bids. The company, based in Courbevoie near Paris, is selling the business as it refocuses on building materials. Saint-Gobain already sold the North American part of the unit to Ardagh Group SA for USD 1.7 billion.
Saint-Gobain last year said it would seek to reach an agreement with a buyer before mid-2015. The company is also battling to take control of Swiss adhesives maker Sika AG.
Portuguese glass packaging maker BA Vidro, buyout firms Blackstone and CVC Capital Partners, and a group made of Ardian and Bain Capital Partners have also made firm offers.