The consortium led by Deutsche Bank presented the highest non-binding offer for the acquisition of Grandi Stazioni Retail. This is what the CEO of Grandi Stazioni, Paolo Gallo said, speaking with journalists in Florence, on the sidelines of the inauguration of a renovated space inside the Santa Maria Novella station.
"Together with the Danish pension fund (ATP), Deutsche presented the highest offer," said Gallo, confirming press advances. According to what has appeared in some articles in recent days, the pairing has put 805 million on the plate, of which 629 million in equity.
When asked about the next steps in the sale process, Gallo said he expected binding offers "by the end of May." According to what was reported by a source close to the situation in recent days, the timing of the trial has been postponed by about a month. Indeed, a new management presentation should be held in the next few days, requested by the bidders, after which the data room will be reopened. The binding offers, according to the source, should arrive on the table of the Rothschild advisor around May 20th.
To journalists who asked if significant increases are expected compared to the non-binding offers, Gallo replied: “We hope so. The tender mechanism provides that binding offers cannot decrease by more than 15% compared to non-binding offers. For this reason, from our point of view, the non-binding offers have been cautious from a value point of view and this is the reason why we expect increases”.
According to press rumors, after the Deutsche Bank-ATP couple, the largest non-binding offer came from the private equity giant Lone Star (750 million, of which 574 million in equity). Third position for the consortium formed by the Borletti family, Antin and Icamap (727 million, of which 543 million in equity). Fourth place for the consortium made up of Altarea Cogedim, the sovereign wealth fund Gic, Previca and Abp (700 million, of which 544 million).
Private equity operators Terra Firma, Pamplona and BC Partners are out of the game with respect to the first phase.
