China’s Yida International Offers €7.5 Billion For Esselunga
Chinese property and energy investment group Yida International has offered €7.5 billion for Italian supermarket chain Esselunga.
The bid is 25% above the highest valuation offered last September by private equity firms Blackstone and CVC, who had assessed the retail company before the death of founder Bernardo Caprotti.
La Repubblica reports that the proposal was sent to all the shareholders of Supermarkets Italiani, which operates the Esselunga chain, and real estate company Villata.
Caprotti’s daughter Marina, who was appointed as company vice-president this week, together with her mother Giuliana Albera, inherited 70% of the group and 55% of the real estate company that manages some of the shopping malls hired to Esselunga.
The retailer posted a 3.1% growth in revenue in 2016, with sales reaching over €7.5 billion.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine