Apollo among bidders for Verallia

Saint-Gobain has received a number of important bids for the sale of its glass-packaging unit Verallia. Inside information claims the deal is worth more than EUR 2.8 billion.

Apollo Global Management LLC is among the main bidders for Cie. de Saint-Gobain SA’s glass-packaging unit Verallia.
According to those ‘in the know’, the deal is valued at more than EUR 2.8 billion (USD 3.1 billion), but there is still a possibility that another bidder might trump Apollo at the last minute.
Saint-Gobain Chief Executive Officer Pierre-Andre de Chalendar said last week that Verallia attracted five bids. The company, based in Courbevoie near Paris, is selling the business as it refocuses on building materials. Saint-Gobain already sold the North American part of the unit to Ardagh Group SA for USD 1.7 billion.
Saint-Gobain last year said it would seek to reach an agreement with a buyer before mid-2015. The company is also battling to take control of Swiss adhesives maker Sika AG.
Portuguese glass packaging maker BA Vidro, buyout firms Blackstone and CVC Capital Partners, and a group made of Ardian and Bain Capital Partners have also made firm offers.

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