Verallia receives takeover offer from Brazil's BWGI

Verallia has received a takeover offer from BWGI by way of a public takeover bid.

The world’s second largest container glass manufacturer said the takeover price would be €30 per share, or about €6.1 billion.

BWGI plans to file the offer with the Autorité des marchés financiers (“AMF”) during the first half of April 2025, and for the initial offer period to close towards the end of the first half of 2025

BW Gestao de Investimentos (BWGI), owned by the Moreira Salles holding company Brasil Warrant Administracao de Bens e Empresas (BWSA), said last month it wanted to buy out Verallia, in which it already owns a stake of about 28.8%, but would assess a bid after the company's full-year results.

BWGI said it does not plan to delist the company, and that the offer will not lead to any job cuts.

Verallia’s Board of Directors has set up an ad hoc committee composed of independent directors.

The committee is chaired by Ms. Marie-José Donsion and also includes Messrs. Pierre Vareille and Didier Debrosse. The Ledouble firm was appointed by the Board of Directors, on the recommendation of the committee, as an independent expert to prepare a report on the fairness of the financial terms of the offer.

Verallia said: “The Board of Directors will meet to issue its reasoned opinion on the offer after having reviewed the independent expert's report and the recommendation of the ad hoc Committee.”