Questor Management has received EU clearance for its EURO460 million acquisition of Fiat’s aluminium business, Teksid. Along with JP Morgan Chase and Private Equity Partners, Questor has acquired the whole shareholding owned by Teksid in all legal entities and undertakings forming the aluminium business.
Fabio Sattin, president of Private Equity Partners, the only Italian firm participating in the deal, said notifying the transaction was standard procedure, but he had no doubt that the commission would decide to clear the notified operation to declare it compatible with the common market and the EEA Agreement.
The sale of Teksid is part of Fiat’s disposal programme, which is aimed at reducing net debt to EURO3 billion from EURO6 billion and gross financial debt to EURO23.6 billion by the time it approves its 2002 annual report. Another Fiat subsidiary Comau, a supplier of Industrial Automation Systems, is reportedly on the sales block.
Teksid’s aluminium business’ turnover in 2001 totalled EURO866 million. The aluminium business, which will continue to operate using Teksid trademarks under a licence by Teksid SpA of Italy, is expected to reach product volumes in 2006 in excess of 300,000 tons, with revenues of around EURO1.6 billion.
Note: Legrand and Jessops are still awaiting EU clearance. More details to follow in next month’s EVCJ.