Compagnie Gervais Danone, the majority shareholder of Centrale Danone, has filed with the AMMC a public buy-out offer (OPR) for the shares held by minority shareholders. Following this offer, Centrale Danone intends to request its delisting from the Casablanca Stock Exchange.
Almost 48 years after its introduction, Centrale Danone, whose capital is 99.6% owned by the French group Compagnie Gervais Danone, will withdraw from the Casablanca Stock Exchange.
“The Board of Directors of Centrale Danone, meeting on December 2, 2021, decided to proceed with the delisting of its equity securities from the Casablanca Stock Exchange”, indicates a press release from the company, which mentions “a very small free float” and “the low liquidity of the title”, among the reasons justifying this decision.
On Monday, a public buyout offer (OPR) covering all of the equity securities of Centrale Danone was officially launched by Compagnie Gervais Danone, its majority shareholder.
“In accordance with the provisions of Law No. 26-03 relating to public offers on the stock market, Compagnie Gervais Danone has filed with the AMMC a draft public buyout offer targeting Centrale Danone shares”, indicates an opinion of the Moroccan Capital Markets Authority (AMMC) dated December 6, 2021. “As a result of this filing, the AMMC asked the Casablanca Stock Exchange to suspend the listing of Centrale Danone shares”, underlines the same opinion.
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This takeover bid should thus enable Gervais Danone to buy back the 0.31% of Centrale Danone’s capital held by various minority shareholders (the free float). “At the end of this offer, Centrale Danone intends to request its delisting from the Casablanca Stock Exchange”, indicates the opinion of the AMMC.
The market policeman has “15 trading days” to examine the admissibility of this proposed takeover bid (this period may be suspended by requests for information and justifications by the AMMC). If the draft public offer is declared admissible, its main provisions will be published in a notice of admissibility.
In the event of a green light from the AMMC for the OPR, Central Danone would become the second company in 2021 to announce its intention to withdraw from the Casablanca basket, after Nexans Maroc, whose definitive delisting from the Stock Exchange is scheduled for December 13 next.
