Spanish Investment Group Offers Eur 350 Million For Calvoff

The Galician investment company Louredo, S.L., which is the owner of the canning company Bernardo Alfageme, S.A. (Miau-brand) has announced that it would make a bid for the acquisition of the Spanish tuna canning enterprise Calvo. Louredo announced this operation to the local government of the Spanish region of Galicia last Thursday, hoping to obtain institutional support. Galicia does not want Calvo to end up in the hands of foreign investors and therefore wants to keep the capital within the Galician region.

The management of the Asturian Alfageme group, located in Vigo, informed last Thursday its intention to make an offer so that they can create “the world’s third seafood canning group”, leader in the European market  which would reach an annual turnover of Eur 500 million”.

According to a spokesman from Alfagame, should they finally obtain the majority of Calvo shares, they would not close any of the two operational Galician plants, which are located in Carballo and Muros. “In any case, should either we or another Galician company be the buyers, we should not let this opportunity go to become a leading Galician canning group. The capital of the Calvo family should not leave the Galician community. Within Galicia the Louredo’s bid is considered as the best offer to ensure the continuity of the production, the maintenance of the working places, as well as the general activities within Galicia.

Reliable sources value the acquisition of Calvo between Eur 300 and 350 million. As far as choosing a buyer is concerned, this could already take place within the coming 15 days.