Ankündigung • Aug 15

Kaon V, a fund managed by BW Gestao de Investimentos Ltda. completed the acquisition of an additional 49.42% stake in Verallia Société Anonyme (ENXTPA:VRLA) for €1.8 billion.

Kaon V, a fund managed by BW Gestao de Investimentos Ltda. proposed to acquire an additional 69.9% stake in Verallia Société Anonyme (ENXTPA:VRLA) for €2.5 billion on February 3, 2025. As part of the consideration, €30 price per share will be paid by BW Gestao de Investimentos Ltda. Under the terms, at the date of the Draft Offer Document, a maximum total number of Shares targeted by the Offer equal to 82,302,323 Shares. As part of the offer, BW Gestao de Investimentos Ltda. has no intention of taking Verallia Société Anonyme private. The Board of Directors of Verallia Société Anonyme formed a special committee for the transaction. The Board of Directors will meet to issue its reasoned opinion on the offer, after reviewing the independent expert’s report and the recommendations of the ad hoc committee. This reasoned opinion and the report of the independent expert will be made public as part of the response document. As of March 10, 2025, BW Gestao de Investimentos Ltda. confirms today that it will file a voluntary Public Purchase Offer for the Verallia shares that BWGI does not yet hold. Gestao de Investimentos Ltda held approximately 28.8% of Verallia's capital and 28% of its theoretical voting rights. With this Offer, BWGI strengthens its support for Verallia's management team and its strategy. BWGI confirms its intention to support Verallia's credit rating and not to change its financial and debt policy. Finally, BWGI does not intend to make any changes to employment within the Group or its industrial footprint following the Offer. This Offer represents for Verallia shareholders an immediate and attractive liquidity window with a significant premium, while allowing those of them who wish to continue to support the Group's ambition by retaining their shares. Verallia will remain a listed company on Euronext Paris following the Offer and will retain its headquarters in Paris. The Group will thus benefit from both the diligent oversight of its minority shareholders and the stable support of a long-term majority shareholder. The Offer will not be subject to any success threshold (other than the regulatory threshold of holding more than 50% of the share capital or voting rights) and BWGI's intention to file the Offer is not subject to any financing condition. The Offer will be subject to obtaining customary approvals relating to concentration and control of subsidies and foreign investments from the competent governmental authorities. As announced on April 9, 2025, the European Commission received notification of a proposed concentration pursuant to which BWGI will acquire within the meaning of Article 3(1)(b) of the Merger Regulation sole control of the whole of Verallia on March 27, 2025. This offer is not subject to any success threshold other than reaching the legal threshold of 50% of the share capital or voting rights. BWGI confirms that it will file a voluntary public tender offer for the shares it does not own in Verallia, with no intent to implement a squeeze out. BWGI expects to file the offer to the Autorité des marchés financiers (“AMF”) in the course of the first half of April 2025, and the initial offer period to close around the end of the first semester of 2025. The Offer also remains subject to the receipt of the antitrust clearance from the European Commission. Completion of the initial Offer period is expected around mid/end of July 2025. As of April 15, 2025, BW Gestão de Investimentos Ltda announces that the filing of its tender offer will occur on, or shortly after, the date of the publication by Verallia of its first quarter results (scheduled on April 23, 2025), in order to ensure that Verallia shareholders have all necessary information to evaluate the terms of the tender offer, including the offer price of €30 per share (cum dividend 2024). As of April 24, 2025, the opening of the Offer will be subject to the receipt of FDI clearances from the Italian and, if applicable, French authorities, as well as a clearance under the European foreign subsidies' regulation. The transaction was definitively approved on April 15, 2025, by the Conselho Administrativo de Defesa Econômica (CADE), the Brazilian merger control authority. As of April 30, 2025, on 24 April 2025, Bpifrance Participations, the second largest shareholder of the Company with approximately 7.6% of the share capital (representing 9,189,887 shares in the Company), informed the Company that it intends to tender 4.594943 million shares to the Tender Offer, representing approximately 50% of its shareholding in the Company. Verallia is delighted that Bpifrance Participations, a long-standing reference shareholder, will remain in the capital, thereby demonstrating its confidence in the company's strategy and prospects. As of May 1, 2025, BW Gestao de Investimentos has received an unconditional nod from the European Commission for its plan to take over Verallia. As of May 16, 2025, Verallia has obtained the consent of its bank lenders to amend the change of control clause of its existing banking financing facilities1 so that the completion of the public takeover bid initiated by BWGI, filed with the French Financial Markets Authority (Autorité des marchés financiers) on April 24, 2025 (the “Offer”), will not trigger their early repayment. With regard to certain other Group financings, Verallia has also obtained Bpifrance’s waiver of its right to request early repayment of an amortizable loan and has also obtained Crédit Agricole Leasing & Factoring's (CALF) consent to amend the change of control clause provided for in the Group’s pan-European and UK factoring programs, so that it will not be triggered by the completion of the Offer. CALF has also agreed to extend the term of these factoring programs from December 1, 2025, to June 1, 2026. As of June 5, 2025, the tender offer initiated by BWGI for Verallia’s shares (the “Offer”) has been cleared by the French financial markets authority (Autorité des marchés financiers, “AMF”) and the Offer was declared compliant by the French Financial Markets Authority (AMF) on June 5, 2025, which on the same day approved Kaon V's offer document and Verallia's response document, respectively, under numbers 25-196 and 25-197. The authorizations from the French authorities under foreign investment control regulations and from the European Commission under the EU Foreign Subsidies Regulation have been obtained respectively on June 18 and June 19, 2025. As on June 23, 2025, the Supervisory Board of the Verallia FCPE’s, which holds 4.5% of Verallia’s shares unanimously decided not to tender the shares held by the fund to the public tender offer initiated by BWGI on Verallia shares. This decision is in line with Verallia FCPE's stated intention to preserve and strengthen employee share ownership within the Group. Following receipt of all required regulatory approvals, the offer will be opened from June 23, 2025, to July 25, 2025. As of July 28, 2025, following the tender offer period, 50,097,577 Verallia’s shares were tendered to the Offer during its initial period, representing 41.47% of Verallia's share capital, allowing BWGI to hold 70.31% of Verallia’s shares. In accordance, he Offer will be reopened from July 31, 2025, to August 13, 2025 for 10 trading days in order to enable shareholders who have not tendered their shares to the initial Offer to do so during the reopened Offer if they wish to. The Offer will be identical to those applicable to the initial Offer, it being specified, however, that tender orders to the reopened Offer will be irrevocable. Bank of America Corporation acted as financial advisor to BWGI. Crédit Agricole Corporate and Investment Bank acted as financial advisor to BWGI. Lazard, Inc. (NYSE:LAZ) acted as debt advisor to BWGI. Bredin Prat & Associes acted as legal advisor to BWGI. Kirkland & Ellis LLP acted as legal advisor for financing to BWGI. Ledouble acting as independent expert to to draft a report on the fai Kaon V, a fund managed by BW Gestao de Investimentos Ltda. completed the acquisition of an additional 49.42% stake in Verallia Société Anonyme (ENXTPA:VRLA) for €1.8 billion on August 13, 2025. The reopening period of the voluntary public tender offer initiated by BWGI acting through Kaon V, for the Verallia shares that it does not hold, closed on August 13, 2025. 8,141,380 Verallia shares were tendered to the Offer during its reopening period, representing 6.74% of the share capital and 5.72% of the voting rights of Verallia, allowing BWGI to hold 77.05% of the share capital and 69.15% of the voting rights of Verallia as of the settlement-delivery of the reopened Offer. The settlement-delivery of the reopened Offer will take place on August 20, 2025.

Prozentsatz des Geschäftsführergehalts	39.24%
Amtszeit als Geschäftsführer	4yrs
Eigentum des Geschäftsführers	n/a
Durchschnittliche Amtszeit des Managements	5yrs
Durchschnittliche Amtszeit der Vorstandsmitglieder	6.6yrs

Datum	Gesamtvergütung	Gehalt	Unternehmensgewinne
Dec 31 2025	n/a	n/a	€91m
Sep 30 2025	n/a	n/a	€135m
Jun 30 2025	n/a	n/a	€179m
Mar 31 2025	n/a	n/a	€207m
Dec 31 2024	€2m	€750k	€236m
Sep 30 2024	n/a	n/a	€260m
Jun 30 2024	n/a	n/a	€283m
Mar 31 2024	n/a	n/a	€377m
Dec 31 2023	€2m	€750k	€470m
Sep 30 2023	n/a	n/a	€475m
Jun 30 2023	n/a	n/a	€479m
Mar 31 2023	n/a	n/a	€411m
Dec 31 2022	€2m	€688k	€342m

Name	Position	Amtszeit	Vergütung	Eigentümerschaft
Patrice Lucas	CEO & Director	4yrs	€1.91m	keine Daten
Cristina Riesgo	Chief Financial Officer	less than a year	keine Daten	keine Daten
Romain Barral	Director of Operations	no data	keine Daten	keine Daten
David Placet	Investor Relations Officer	no data	keine Daten	keine Daten
Wendy Kool-Foulon	CSR Director	6yrs	keine Daten	keine Daten
Katia de Saint Germain	Human Resources Director	2.5yrs	keine Daten	keine Daten
Quintin Dominguez	GM & MD of Latin America	7.7yrs	keine Daten	keine Daten
Marco Ravasi	GM & MD of Verallia Italia	6.3yrs	keine Daten	keine Daten
Paulo Pinto	GM & MD of Verallia Ibérie	6.3yrs	keine Daten	keine Daten
Axel Guilloteau	MD & GM of UK	no data	keine Daten	keine Daten
Roch Thaller	MD & GM of Germany and Eastern Europe Division	1.8yrs	keine Daten	keine Daten

Name	Position	Amtszeit	Vergütung	Eigentümerschaft
Patrice Lucas	CEO & Director	4yrs	€1.91m	keine Daten
Pierre Vareille	Independent Director	10.3yrs	€80.22k	keine Daten
Michel Giannuzzi	Chairman	8.7yrs	€355.26k	keine Daten
Sebastien Moynot	Representative Director	6.6yrs	keine Daten	keine Daten
Marie-José Donsion	Independent Director	6.6yrs	€93.58k	keine Daten
Guilherme Bottura	Non-Voting Director	no data	keine Daten	keine Daten
Joao Salles	Representative Director	6.6yrs	€83.25k	keine Daten
Virginie Helias	Independent Director	6.6yrs	€90.01k	keine Daten
Marcia Freitas	Representative Director	6.6yrs	keine Daten	keine Daten
Didier Debrosse	Independent Board Member	4yrs	€69.50k	keine Daten
Beatriz Vallejo	Employee Shareholders Representing Director	4yrs	keine Daten	keine Daten
Oliver Spath	Employee Representative Director	2.4yrs	keine Daten	keine Daten

Daten	Zuletzt aktualisiert (UTC-Zeit)
Unternehmensanalyse	2026/05/30 14:48
Aktienkurs zum Tagesende	2026/03/02 00:00
Gewinne	2025/12/31
Jährliche Einnahmen	2025/12/31

Verallia Société Anonyme Management

Management Kriterienprüfungen 4/4

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