Mergers & Acquisitions

KBC, the Belgian banking and insurance group, had to cope with significant pressure on the share price and solicited the different Belgian governments in search of a solution. The Flemish government agreed to subscribe EUR 2 billion of Tier 1 hybrid securities, as well as to provide a EUR 1,5 billion core capital facility.

Solvay Pharmaceuticals, a subsidiary of Solvay, the chemical and pharmaceutical group, launched a voluntary conditional cash tender offer on the shares of Innogenetics, the Ghent-based biotechnological company. After a counterbid launched by Gen-Probe, a US-based competitor, Solvay increased its offer price eventually launching a successful offer.

Ethias came under public scrutiny and had to cope with a deteriorating solvency and liquidity situation. The Federal, Flemish and Walloon governments agreed to inject EUR 500 million each in fresh capital.

t-groep, a Belgian staffing services provider, realized its first foreign acquisition. The company took over the share capital of Luba, a Netherlands based staffing company. Luba is active in temporary services, as well as outsourced logistic services.

Telenet, a listed provider of telecommunication services, acquired the analogue and digital client base of a number of pure inter-municipalities (PBE, Integan, Intermedia, WVEM and Interkabel). At the same time it concluded a long-term emphytheotic lease of the HFC-network owned by these inter-municipalities. The total deal value was estimated to be around EUR 427 million.

La Corbeille Groep, a family-owned Belgian producer of shelf stable food products, was approached by a potential industrial partner. After an extensive process with several industrial groups, the company was sold to Bonduelle of France.

CTB Magemon is the leading specialty dry bulk and general cargo port operator at the inland ports of Liege and Charleroi. Benelux Port Holdings (BPH), a vehicle controlled by Babcock and Brown Infrastructure, acquired a 75% interest in CTB Magemon, the remaining shares staying in the hands of the former majority shareholder.

MG Finances is a leading Belgian women clothing retailer. The Group operates 2 networks comprising a total of 85 stores in the Belux and France under the names Cassis (52 stores) and Paprika (33 stores). The Company was taken over in a LBO by Mitiska and Sofindev acquiring a majority participation along with the management of MG Finances.

The reference shareholders of Brantano, a shoe retailer with operations in the Belux, the UK and the Middle East, expressed their intention to find a partner to realize a Public-to-Private transaction. In October 2007, Macintosh Retail Group announced they were making a voluntary and conditional bid for the full share capital of Brantano.

NEC-Philips, a joint venture active in unified communication products, restructured its distribution platform in Belgium from a direct to an indirect sales channel. It sold its distribution and service organization to Dolmen (later RealDolmen), whilst at the same time concluding a structural partnership.

Punch Technix, a diversified industrial company listed on Euronext Amsterdam, acquired Punch Graphix. Punch Graphix provides imaging and printing solutions for the global graphics industry.

Spontin, a business unit of Bru-Chevron, itself a subsidiary of Spadel was sold for an undisclosed consideration to a consortium of Dutch private investors under the form of an asset deal. Spontin operates a bottling production facility located in the Walloon Region and exploits four water springs.

Penne is a subcontractor focused on the production of engineered metal and plastic components primarily for the automotive sector and consumer electronic market. Penne operates a production facility located in the Benelux and employs approximately 85 people.

Industri Kapital, the European private equity firm, has acquired a significant stake in Magotteaux's capital. Magotteaux is a world leader in grinding and wear resistant parts for the cement and mining industries, with HQ in Belgium. Magotteaux's realised a turnover of EUR 378 million in 2005 and employs over 2.000 people.

Banque Artesia Nederland is a Dutch medium-sized commercial bank headquartered in Amsterdam, mainly active in corporate banking for mid-size and large companies and private banking. At year-end 2005, total outstanding loans to customers amounted to EUR 3,3bn and total assets under management were EUR 1,5bn. BAN was sold to GE Commercial Finance.

Carestel Group, a listed operator of restaurants on highway concessions, was acquired by Autogrill of Italy. The bidder reached an agreement with the reference shareholders of the group after which a public bid was launched.

Shopinvest acquired exclusive control over SCF, holding company of retailer E5 Mode, by buying out Sofinim's stake and subsequently launched a public takeover bid on the remaining shares of SCF.

Aquafin is a water treatment company established by the Flemish Government in order to finance, design, build and operate all supra-municipal infrastructure for the treatment of domestic wastewater treatment. In 2006 the Flemish Environmental Agency bought out all external shareholders in Aquafin (holding 49% of the shares) for a total amount of EUR 94 million in order to comply with EU rules.

The Mond Group, a provider of logistics solutions to the chemical sector in the Benelux, Germany and France, was sold for an Enterprise value of EUR 26,9 million to TDG Plc, a leading European logistics provider, listed on the London Stock Exchange.

In 2006 the Belgian group De Weide Blik (Univeg) merged with Bocchi Group (Italy). Headquartered in Belgium, the merged group is active in the production, trading and logistics of fresh fruit, vegetables, flowers, flower bulbs, plants and ready-made meals. At the same time, CVC Capital Partners, a European private equity firm, acquired a share in De Weide Blik alongside the management.

Club, a Belgian retail chain specialized in books and stationery, and Proxis, Belgium's main website for the sale of books and multimedia products, were sold to Distripar, a company owned by CNP, for EUR 21,6 million.

In September 2005, Belgacom announced a public tender offer on all shares of Telindus. Belgacom's approach was initially rejected by Telindus and in December a counter bid was announced by France Telecom. After Belgacom made a number of commitments to Telindus and increased its bid price to EUR 594 million for 100% of the shares, it successfully completed the acquisition.

Randstad, the listed provider of staffing solutions, acquired Galilei, a Belgium based provider of outplacement services. Through the acquisition Randstad improved its offering in outplacement to a leading position in the Belgian market. The transaction was a strategically important move for Randstad in order to complete its HR solutions offering in one of its core markets.