LUXEMBOURG: SPI Group quiet on CEDC interest
SPI was eyeing a CEDC takeover
SPI Group has declined to comment on whether it is still interested in buying Central European Distribution Corporation (CEDC) after CEDC accepted a rescue package from another shareholder.
SPI claimed last week to be in talks with “a few strong financial players” in Russia over a takeover of debt-laden CEDC. However, on Friday any takeover was put in doubt when CEDC agreed to Roust Trading Ltd's US$172m amended exchange offer in return for 85% equity.
Asked if Roust Trading's offer ended SPI's interest in CEDC, a company spokesperson told just-drinks today (11 March): “We have no comment to add.”
Luxembourg-based SPI owns two sets of notes that were launched by CEDC, while Roust Trading, which is owned by Russian Standard owner Roustam Tariko, is also a stakeholder. Roust Trading took over operational control of CEDC late last year in return for $65m in funds.
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