Cobas AM: Nueva Gestora de Francisco García Paramés

Teniendo en cuenta que el 80% de Australia es un desierto, la zona que pueda ser plantada con eucalipto no debe ser mucho más grande que la península ibérica.

El eucalipto es un arbol de desierto acostumbrado a buscar agua donde no la hay por eso en Galicia y Asturias viven felices y contentos y con gran éxito. Al ser un arbol de desierto convierte en desierto las zonas húmedas.

Es muy demandante para la tierra el eucalipto, y crece muchisimo en entornos favorables, pero es la mejor opcion de momento para la celulosa de fibra corta, crece rapido (9 años), y es el mas usado y con muchisimo futuro, no tanto como la fibra larga, para papel comercial, que tarda como 27 años en crecer sus arboles, y el uso del papel de oficina, llegara a su fin dentro de muy poquito. 

 

Bueno será un árbol de zona árida, en los desiertos no crecen eucaliptos ni prácticamente nada.

Ya sé que es cuestión de tiempo, pero aún así, en mi opinión, y después de un tiempo prudencial, un poco defraudante si está siendo la gestón de estos fondos. 

Cuidado que nos OPA'n a precio de risa

Aryzta turnaround easier under private equity – sector bankers

10 JUN 2019

• Former CEO Owen Killian rumoured to have looked at take-private
• Aryzta would face less scrutiny to implement turnaround as private company

A turnaround of Swiss frozen bakery company  Aryzta [SWX:ARYN] [ISE:YZA] would be easier if the company was delisted by a private equity buyer, according to five sector bankers.

A PE would be in a better position than a strategic to sell parts of the company, deliver operational improvements, and cut debt, they said. As a private company, Aryzta would face less public scrutiny in the implementation of such a strategy, they said.

Owen Killian, who served as Aryzta's chief executive from 2003 until 2017, is rumoured to have held meetings with private equity funds earlier this year to explore M&A options for the company with the help of  Nomura, the first banker said. Killian has been working on taking Aryzta private for a long time, the second banker said.

Thanks to his deep knowledge of the company, Killian would be able to help a PE understand which parts of Aryzta are more valuable, these bankers said. However, Killian was also the architect of the company’s previous strategy and his return as an executive within Aryzta would not be easy, they added.

Aryzta, Owen Killian and Nomura declined to comment.

A financial sponsor could pursue a buy and build strategy in the European bakery sector after taking over Aryzta, the third banker said. Aryzta could look at  CSM Bakery Europe’s bakery business or at Belgian frozen bakery company  Vandemoortele, he added.

Aryzta, which was originally a B2B business, made several acquisitions over the years that have resulted in an overexpansion in the consumer sector, the third and fourth banker said.

It spent EUR 3bn on acquisitions between 2008 and 2014, under Killian’s leadership, and that resulted in a EUR 1.7bn debt, according to a media  report.

Aryzta bought 18 companies between 2008 and 2014, under Killian’s leadership, according to Mergermarket’s database.

For instance, in 2014 it acquired  Cloverhill Pastry-Vend, a US-based producer of baked goods, for GBP 404m and sold it last year for GBP 18m. That year it also bought Canadian peer  Pineridge Bakery for GBP 204m.

Aryzta had a net debt of EUR 811m and EUR 834m of hybrid financing for the six-month period ended 31 January 2019, according to a company’s  press release.

Earlier this month, Aryzta issued a profit warning as North American sales fell, according to a  press release.

The company has been trying to dispose of its 49% in French frozen foods company  Picard Surgeles since 2017, as  reported. It should sell the stake as well as some US assets to focus on Europe, its main market, the third banker said.

Last year, Swiss activist shareholder  Larius Capital campaigned for Aryzta to sell its North American business, as  reported. While it no longer has a stake in Aryzta, Larius believes its plan to recover Aryzta’s share price remains valid, Gregor Joos, Larius’ founder, told this newswire.

However, Aryzta’s current management does not seem keen on selling the US assets, Joos said. Aryzta’s shareholders are passive value investors who are not interested in proposing operational changes, he added.

Cobas Asset Management is Aryzta’s largest shareholder with about 10%, while  J O Hambro Capital Management and  Causeway Capital Management LLC are among funds holding stakes, according to  public filings.

by Barbara Pianese in London, Mergermarket Press Release

Tecnológicas 10 - Commodities 2

sería el colmo, el tío que ha medio arruinado la empresa, ahora forrándose cuando empieza a salir del pozo, pero de estas ya he visto alguna en la vida, y como el resto no se opongan fuertemente, te la acaban haciendo.

Mismamente está el tema de Telepizza, al final Bestinver y demás han tenido que vender al private equity  porque si no, se quedaban con la acción sin apenas liquidez.