off-the-wire

French caterer Elior's shareholders back Derichebourg deal

Kitco Media
By Reuters
Published:
Updated:
Reuters
April 18 (Reuters) - Elior shareholders on Tuesday approved the French catering group's acquisition of Derichebourg's DMS arm, in a deal to create a bigger outsourcing company. The two groups announced a memorandum of understanding in December under which Europe's third largest catering company will acquire Derichebourg Multiservices (DMS) in exchange for new Elior shares at 5.65 euros each. Under the deal to merge the services businesses of both groups, Derichebourg will double its Elior stake to 48.4%.


The shareholder meeting approved the contribution by Derichebourg of 30 million DMS holding shares to the group and the election of Daniel Derichebourg as director, paving the way for his appointment as chairperson and CEO of Elior.


Derichebourg will replace chairman and CEO Bernard Gault, who has held the position for 15 months.


"The Board of Directors will now meet to formally record the final completion of the transaction and to appoint Daniel Derichebourg as CEO in my place", Gault said in a statement.
(Reporting by Diana Mandia; Editing by Alexander Smith)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.