Delphi Luxembourg Holdings SA RL of Luxembourg has launched a tender offer of €5.80/share for 38.74% of the outstanding shares of S&B Industrial Minerals SA of Greece. Delphi is indirectly wholly-owned by investment funds controlled by Rhone Capital IV LP of New York, NY. Delphi is acting in concert with members of the Kyriacopoulos family who control the balance of the share capital. The transaction is valued at approximately €115 million (US$150 million). SCR Sibelco NV of Belgium has undertaken to tender all of the shares that its owns in S&B, amounting to 19.96% of those outstanding. When the deal is completed the Kyriacopoulos family will remain the majority shareholders of S&B and its head office will remain in Greece. In 2012, S&B made a net profit of €12.3 million (US$16.1 million) on sales of €470.2 million (US$616.5 million) compared with €20.6 million (US$26.9 million) on sales of €455.7 million (US$597.4 million) in 2011. The increase in sales reflects a first contribution from NYCO Minerals of €10.5 million (US$13.8 million) that helped offset lower sales volumes and a less favorable product mix.
Volume 27 issue 5