Verallia: the Board sets up an ad hoc committee for BWGI

(CercleFinance.com) - Verallia announced on Wednesday that its Board of Directors had set up an "ad hoc" committee to issue a recommendation on the potential takeover bid by Brazilian company BWGI.


This announcement comes as BWGI, its main shareholder with 28.8% of the capital and 27.9% of voting rights, said on Monday that it was considering a takeover bid for all the shares it does not already hold, with no intention of delisting the glass packaging specialist.

The committee will be responsible for (1) proposing to the Board of Directors the appointment of an independent expert, (2) monitoring the expert's work, and (3) making a recommendation to the Board on the merits of any offer that may be submitted by BWGI.

It will be made up of Marie-José Donsion, Arkema's current CFO, as Chairman, Didier Debrosse, a former Beiersdorf Nivea, Mondelez and Heineken executive, and Pierre Vareille, another company director.

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