Next week should be decisive for the reconstruction of the capital of the diversified holding Worms & Cie, which the Supervisory Board meets March 23 to stop the 2003 accounts, officially presented the following day. Orchestrated by the President of the Supervisory Board, Nicholas Clive Worms, the redesign of the new round table appears in a few days of the deadline still moving.
If the outline of the pattern of recovery are arrested, the composition of the consortium of new investors remains volatile. The schema first. The choice of a LBO (an acquisition using largely debt, leveraged) a little more than 2 billion euros still stands the rope. The Agnelli family (53,07 of the capital today, through its holding company Ifil) and AGF (14,83) in benefit out. "If we receive an offer that values well our interests and those of Worms & Cie, also hold us heart, discussed it with interest", stated so in the "Echos", Jean-Philippe Thierry, President of AGF.
On the other hand, families, currently federated by Nicholas Clive Worms (22.97 of capital), have chosen to stay and to bring their titles to the transaction in shares and convertible bonds for an amount of approximately EUR 500 million. The consortium of investors would invest between 400 and 500 million. Finally, in 1 to 1.2 billion would be borrowed.
The financial package would pass, known, by the creation of a new recovery holding, called House Worms, which has 98 of Worms & Cie, the returning balance to the management. The capital of "Home Worms" being distributed between families (35) and the Group of investors (65). Group Arnault participation to it seems to be acquired: Nicholas Clive Worms is a Director of LVMH and the two groups are partners in the capital-investment fund Pechel Industries. Carlyle and BC Partners funds also still appear in track, while the other refused to comment.
Some uncertainty
Wendel investment would be also interested. The holding of Ernest - Antoine Seilliere controls Bureau Veritas, a specialized group in the inspection and certification attracting the covetous of the general supervisory company, Swiss company whose capital is held at 23.7 by... Worms & Cie. In contrast, Eurazeo seems to have, at least temporarily, closed the case, and AXA Private Equity, which, it is true, wanted to come in the company of a partner interested in Arjo Wiggins, the stationer Worms & Cie holds 100 of the capital.
The price of 20 euros per title has been advanced, but has not been officially confirmed. According to "La Tribune", some investors hesitant indeed to participate in the Assembly after considering environmental risk weighing on Arjo Wiggins. Legal action is underway in the United States against one of its subsidiaries and other paper, accused of polluting the Fox River in the 1970s. However, worms & Cie has provisioned this risk, considering the cost of pollution likely to return to his Office to EUR 106 million at end 2002. According to one analyst, this case is however not to undermine the financial situation of Arjo Wiggins and its parent.
Last uncertainty the fate reserved to the minority shareholders of Worms & Cie (9.13 of the capital is in the public). Nicholas Clive Worms indicated early in the week that nothing had been arrested on the price of an eventual Opro (public offer of mandatory withdrawal), and that, in any case, it should obtain the prior agreement of the authorities to market. Yesterday evening, the title closed down 0.93, to EUR 22.49.
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