Capes­pan saga gets juicier

Finweek English Edition - - COMPANIES & MARKETS -

Th­eS­PEC­ta­cle WAS rather sur­prised PSG’s agribusi­ness arm ZEDER man­aged to pick up an­other 10m shares in fruit ex­porter and lo­gis­tics spe­cial­ist CAPES­PAN at 225c/share. Zeder had in­di­cated last month a will­ing­ness to pay 225c/share to buy out mi­nor­ity share­hold­ers in un­listed Capes­pan – but its ef­forts seemed to prompt a ri­val open mar­ket bid (from a yet to be iden­ti­fied party) pitch­ing for 50m shares at 240c.

Zeder, with a hold­ing of 36% in Capes­pan, is in a strong po­si­tion – al­though Th­eS­PEC­ta­cle has to won­der how long be­fore the uniden­ti­fied ri­val bid­der gets hit at 240c/share. And more in­trigu­ingly, will the ri­val bid­der – Th­eS­PEC­ta­cle’s guess­ing it’s Ir­ish fruit group To­tal Pro­duce plc – then come back for more? Still, such in­tense bid­ding is great for mi­nori­ties. More than 350 000 Capes­pan shares changed hands at 300c re­cently and there have been nib­bles in the 240c to 245c range.

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