Portobello Capital Gestión, SGECR, S.A. cancelled the acquisition of Industrias Alimentarias De Navarra, S.A.U. from Viscofan SA.
January 31, 2015 at 05:00 am
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Portobello Capital Gestión, SGECR, S.A. made an offer to acquire Industrias Alimentarias De Navarra, S.A.U. from Viscofan SA (CATS:VIS) for €55.5 million on November 10, 2014. Portobello Capital Gestión includes an initial payment in cash of €50 million, plus a deferred additional payment of €5.5 million to pay in 3 years from the close of the transaction to maturity. The transaction is subject to the result of due diligence confirming and obtaining of the pertinent authorizations from the competent authorities. The Board of Directors of Viscofan accepted the offer. 360 Corporate acted as financial advisor for Viscofan and Optima Corporate acted as financial advisor for Portobello Capital.
Portobello Capital Gestión, SGECR, S.A. cancelled the acquisition of Industrias Alimentarias De Navarra, S.A.U. from Viscofan SA (CATS:VIS) on January 31, 2015.
Viscofan SA is a Spain-based company engaged in the packaging industry, mainly for meat products. The Company focuses on the manufacture and distribution of artificial castings, as well as plastic films that are used for separation of sliced food. Its products range includes cellulose, collagen, fibrous and plastic castings. In addition, it designs and produces packing machinery, as well as provides related spare parts. The Company also sells electric power, which is produced by cogeneration systems. The Company operates manufacturing plants and sales offices in Spain, Serbia, Czech Republic, Germany, Brazil, Mexico, Uruguay, China and the United States, among others. It controls a number of subsidiaries, such as Nanopack, Technology and Packaging SL, Naturin Viscofan GmbH and Viscofan Centroamerica Comercial SA.
VISCOFAN, S.A. 
