Elior on the verge of returning to private ownership

28 June 2006
Elior on the verge of returning to private ownership

Contract caterer Elior

Robert Zolade, chief executive of the French-based caterer, announced his desire to return the caterer to private hands in March.

Zolade felt that Elior's stock market performance had failed to reflect the company's strong position and regular growth.

The offer of €13.40 (£9.25) per share ran from 10 May to 13 June and saw HBI increase its holding from 19.34% to 90.54%, and its voting rights from 20.70% to 90.77%.

Under French law, the company can only delist from the stock market when the majority shareholder holds 95% of the equity.

HBI plans to give remaining shareholders an opportunity to offload their investment by reopening the offer for 10 days at the start of July. It is expected that the remaining shares in private investors' hands will be sold to HBI during this period.

Elior seeks return to private ownership >>

Profits up 19% at Elior >>

By Angela Frewin

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