Vista Capital to acquire 85% of Seur.
From EL PAIS, July 27th, 2001
Spanish and British banks Banco Santander Central Hispano (BSCH) and Royal
Bank of Scotland respectively have signed a letter of intent to acquire 85
per cent of Spanish express parcel delivery company Seur for Pta100bn through their investment company Vista Capital. The sale is expected to be closed by the end of the year when Seur’s complex shareholding structure should be restructured. Seur’s multi-ownership system, comprising 84 franchises throughout Spain split into different percentages, was preventing its future development in a sector that needs new and big investments in order to use new distribution systems such as the internet and to expand internationally according to executive vice-chairman of express deliveries, Ramon Mayo. The same
management team is expected to stay on after the operation. Seur turned over
Pta65.111bn last year and expects to turn over Pta73bn this year, an
increase of 12.1 per cent.
Abstracted from El Pais Abstracted from El Pais in Spanish. Copyright 2001
Financial Times Information, Dow Jones, Dialog.
Source: World Reporter (Trade Mark)
