Any bids for the company, whose brands include olive oil producer Bertolli would hinge upon a refinancing of the company’s debt, the report said, with offers said to be targeting 50 per cent the Madrid-listed company’s share price of €47.5.
The company has a valuation of approximately €549m, based on the current share price with debt of around €472m at the close of last year. The company recorded EBITDA of €80m on revenue of €809m in 2013.
Existing shareholders include Banco Financiero & de Ahorros, CaixaBank, Fidelity International and Ebro Foods.
In September 2013, Paris-based buyout firm Ardian was reported to be seeking to exit French natural ingredient maker Diana in a deal which could cost more than €1bn.
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