Private equity firms are circling Italy’s oil&gas giant Eni chemical subsidiary Versalis (see here a previous post by BeBeez).
Apollo Management is said to have been the first private equtiy firm to approach Eni with an offer valuing Versalis about 5x its 2018 ebitda or 1-1.5 billion euros, La Repubblica newspaper wrote yesterday.
Versalis is the biggest chemical company in Italy and produces polymers to be used in different industries such as automotive, food packaging and toys maufacturing. The chemical unit reported an adjusted operating profit of 95 million euros in the first half of 2015, compared to a loss of 182 million euros in the same period the previous year.
