Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

France's Niel, Pigasse target consumer goods with new acquisition vehicle

11/29/2020 | 02:16pm EST

PARIS, Nov 29 (Reuters) - French telecoms magnate Xavier Niel is teaming up with former Lazard banker Matthieu Pigasse and another entrepreneur to raise funds through a new listed vehicle to target acquisitions in the European consumer goods sector.

The businessmen said in a statement on Sunday that their special purpose acquisition company (SPAC), named 2MX Organic, would initially looked to raise 250 million euros ($299 million) from investors, but this could rise to 300 million euros.

SPACs, which are more common in the United States, are shell companies that use proceeds from going public to buy another firm that has not yet been identified at the time of the listing.

Niel, best known for founding mobile operator Iliad in France, has already used the format alongside Pigasse to create French media group Mediawan, born out of the country's first ever SPAC.

This time the pair will work alongside Moez-Alexandre Zouari, who controls frozen foods company Picard Surgeles.

The businessmen said they would focus on environmentally-friendly consumer companies, such as those that source goods like food locally, a sector that is increasingly attracting shoppers across Europe.

A source close to the matter said the SPAC could target a first purchase as soon as 2021 and worth between 1.5 billion to 2 billion euros.

After listing on the Paris stock exchange, the SPAC can carry out further rounds of fundraising. The subscription period for the first offering will run between Nov. 30 and Dec. 7, and the SPAC founders said they would also invest in the vehicle, though will own no more than 29.6%.

The goal of a SPAC is to allow the target to obtain a stock market listing without going through an initial public offering.

Deutsche Bank and Societe Generale are advising on the deal. ($1 = 0.8365 euros) (Reporting by Gwenaelle Barzic, Writing by Sarah White and Alexander Smith)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE BANK AG 2.20% 8.806 Delayed Quote.-3.81%
ILIAD S.A. -1.08% 155.35 Real-time Quote.-6.57%
LAZARD LTD -1.66% 42.72 Delayed Quote.0.99%
MEDIAWAN 0.00%End-of-day quote.10.15%
SOCIÉTÉ GÉNÉRALE 3.05% 16.096 Real-time Quote.-8.26%
Latest news "Economy & Forex"
08:05aNew Book Helps People to Deal with Loss During the Pandemic
SE
08:05aTurrem Is Offering a Buy 1 Give 1 Listing Package to Benefit Small Local Businesses
SE
08:05aOnline Matchmaker Carly Spindel Is Seeking an Investment Of $650,000 For 10% of Flash Match NYC
SE
08:02aIMF lifts global growth forecast for 2021, still sees 'exceptional uncertainty'
RE
08:00aYiftee Surpasses 200 Community eGift Card Programs
SE
07:59aBlackRock's Fink warns companies need to show a net-zero plan
RE
07:58aJohnson & Johnson promises 2021 profit jump, vaccine data 'soon'
RE
07:57aSouth Korea Demonstrates Asia's Economic Resilience to Pandemic
DJ
07:42aMORE CARATS AND SPARKLE : How LVMH plans to change Tiffany
RE
07:42aBrazil 12-Month Inflation Accelerates to 4.30% in Month Through Mid-January
DJ
Latest news "Economy & Forex"