5 million units sold last year of which 2Resume meets their desire to speak to their accountIt is my duty it is the general interestThis old term seems to become barely audibleOther voices could be heard yesterday to call for government interventionBut in his eyes the latter is manageableAnd sewn together all of this is a comedyFor the rest most of the building remained openThe geographic expansion is another issueAll committees or commissions we have openAlways the foot on the accelerator, Lactalis took speed all potential candidates for the purchase of Yoplait. Two weeks before the sale process was officially opened, the Group controlled by the family Besnier filed yesterday, the first, a firm offer of 100 of the capital of the company in the small flower, number two in the world, after Danone yogurt. In doing so, he takes one step ahead in the race to the acquisition of this brand, owned 50 by the Sodiaal co-op and 50 by the PAI investment funds, who wishes to transfer its shares.
The financing of the offer is with curl. "It remains only to press the button", said a close source from the folder. According to our information, Lactalis would be willing to pay more than 1.3 billion euros for the case, representing sales of about EUR 4 billion in 2010, including 75 through distribution licences. In France, its turnover exceeds EUR 900 million.
Proposed price is a little more than 10 times the result of exploitation of Yoplait. PAI, who invested much in this case and it was back on track since his entry into the capital in 2002, unquestionable and very comfortable value.
However, Lucien Fa, the Director General of Yoplait, recently estimated at EUR 1.5 billion "true value" of Yoplait, or 12.5 times the gross operating surplus. He then spoke of the possibility that Nestlé, Unilever, Kraft, Coca-Cola and investment funds are interested in the folder.
Before giving his response, PAI must in any case consult Sodiaal Yoplait co-owner. The co-operative Group, just buy the European leader in the emmental, Entremont, may be as interested in a receipt of cash. But it will not relinquish its rights in the mark. Emmanuel Besnier is open to negotiation on this point, the idea being to guarantee a certain level of royalties to Sodiaal and associate it with the management.
Complementary products
Lactalis, the purchase of Yoplait would create a new heavy weight of milk products in the world. It would represent a turnover of EUR 5.5 billion, or 65 of the sales of Danone dairy pole in this single specialty. Excluding franchise agreement, the new package would achieve a turnover of EUR 2.5 billion, with 10 plants in France, 2 in Spain, the United Kingdom 1 and Czech Republic 1.
Lactalis has already shown expertise in brand management, through a well stocked portfolio, which includes two labels more than 1 billion euros of sales: President and Galbani. Yoplait is the third if the submitted offer.
In recent years, including boosted mayennais group marks the pole Nestlé dairy, purchased in 2008, among which the dairy, who won with an extended range market share. Lactalis, also is Roquefort Société, milk Lactel, a quarter the market world of Ricotta, Bridel, Salakis and many other brands.
By putting his hand on Yoplait, Lactalis enrich its portfolio of a range of complementary products. After taking market share significant dairy desserts with Nestlé, the group, led by Emmanuel Besnier, could expand the range of yogurts to fruits, famous yoghurt Yop, specialties such as Pearl of milk in regions where Yoplait is little or not at all present, as the ex-CEI, Central Europe, the Middle East and southern Europe.
