The accomplishment of the Italian multinational Bolton Group to acquire shares in the Spain’s fish canning Grupo Calvo has exceeded Euro 125 million. Bolton’s total stake in the Spanish group is not 37.6 % but 40%, reports the Spanish news source La Voz de Galicia.
More than Euro 69 million will be divided among Novagalicia Bank (50%), Civic Banking (25%) and the Deposit Guarantee Fund (also 25%), as they were together holding 22.2% stake in Calvo.
The Calvo family, owner of 17.8% of the shares that went into the transaction, will receive the remaining Euro 55 million paid by Bolton to seal the deal. Although the acquisition was made public just a few days ago, it had already been decided during the board of directors’ meeting held last February 10th.
The Calvo family sent out a reassuring message to its staff. “Nothing will change†said a member of the board, indicating that the decision-making power remains in hands of the family who holds the majority of the shares.
However, the employees of the company believe this to be the beginning of a change of ownership. One of the union workers’ representative stated that they trusted the family owning the company, but said “no multinational like Bolton will invest Euro 125 million to just stand byâ€. He says that if the Italian company acquires 40% of Calvo, it’s to try to obtain the majority shares in the future.
On the other hand, there is optimism among the employees who hope that, with this sale, the Carballo factory can expand its production by also packing Rio Mare canned products.
Bolton has more than 50 percent market share of the canned fish industry in Italy with its brand Rio Mare. Italy’s second brand in the canned tuna market is Nostoromo, which is owned by Calvo.