Aesop sale is hot but not boiling
Natura & Co measures have a nervous day because the block trade increases paper liquidity in anticipation of an upcoming announcement of the sales of Aesop the market speculates to $ 2.5 billion.
The Non-Needs offers from Aesop have signaled the interest of several strategic and financial players, but the deadline for the delivery of binding offers has not yet expired, which means that the transaction is less likely than the market believes that several sources involved in the matter said the Brazil Journal.
According to these sources, it has only been decided that Natura will sell more than 50 % of Aesop capital, but he has not yet decided to sell 100 %.
At around 3:30 p.m., a sales of $ 600 million-just above the daily average of $ 286 million-is influenced by an international investor who has sold loosely of $ 300 million, the purchase via the ITAú- Broker mostly comes from domestic.
In the past few days, the measure had spectacular fluctuations, mainly due to the participation of hedge funds that pursue an “event-controlled” strategy-who tries to record the effects of news on Aesop sales that could transform Natura & Co into a liquid fund .
Today the company has a net debt of $ 7.4 billion, which corresponds to the 3.5-fold of EBITDA. Months ago, when the sales process began, the price forecast for Aesop was $ 1 billion. But the asset immediately attracted many interested parties-including L’Oréal, L’Occitane, Shiseido and international private equity funds.
When the transaction rose, the price expectations also rose, which moved to the papers. When Natura reported weak results on Tuesday-damage added to almost $ 1 billion-basically it hit the momentum players and increased the decline of paper to 17.5 %after the company had missed the market expectations.
Morgan Stanley and the Bank of America are working on the deal. A source that claims to be familiar with the matter said that Aesop’s management would rather sell L’Oréal than to private equity actors, but L’Oréal would be the player who offers the lowest rating.