PAI and CVC buy stake in animal nutrition firm.

Financial News, August, 2002

Byline: Yasmine Chinwala

PAI, the French private equity house recently spun out of BNP Paribas, and CVC Capital Partners, the European buy-out house, have bought a 54% stake in Provimi, the animal nutrition group, for [euro]203m ($198m).The private equity firms offered [euro]14.5 per share for the stake, owned by Edison, the Italian energy company, a discount of around 25% to Provimi's share price on Monday morning.

Provimi is listed on the Premier Marche, the mid-cap market of Euronext, the pan-European stock exchange.

CVC and PAI will have to file a public tender to acquire the remaining 46% of Provimi shares that are still in public hands, according to French takeover regulations. However, shareholders are unlikely to sell at a discounted...

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