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CVC’s Belgian Post Said to Revive $755 Million Share Sale

An employee sorts mail by hand that is unsuitable to pass through the automated sorting machines at Belgium's La Poste SA's central postal facility in Brussels. Photographer: Jock Fistick/Bloomberg
An employee sorts mail by hand that is unsuitable to pass through the automated sorting machines at Belgium's La Poste SA's central postal facility in Brussels. Photographer: Jock Fistick/Bloomberg

Feb. 25 (Bloomberg) -- Belgium’s La Poste SA, the postal service company known as Belgian Post and owned by CVC Capital Partners Ltd., is reviving an initial public offering that could raise about 500 million pounds ($755 million), said two people familiar with the matter.

CVC is working with JPMorgan Chase & Co. and Nomura Holdings Inc., the people said. It called earlier this month for additional banks to pitch for roles on the IPO, the people said, asking not to be named as the plans aren’t public. The share sale may happen as soon as the second quarter, they said.

CVC, which manages funds for over 300 investors, is trying to go public with stakes in companies including German chemicals business Evonik Industries AG and Indonesia’s PT Matahari Department Store Tbk as it attempts to raise more funds this year. CVC is seeking about $3 billion in its fourth Asia fund, a person with knowledge of the matter said.

A spokesman for Belgian Post declined to comment. A representative of CVC wasn’t immediately available for comment.

The British fund bought a stake in Belgian Post in January 2006, according to its website. The company has revenue of 2.4 billion euros, the webisite said. At the end of 2009, it had close to 30,000 employees.

IFR reported the news of CVC’s request for more banks to pitch for roles earlier today.

To contact the reporters on this story: Ruth David in London at rdavid9@bloomberg.net;

To contact the editor responsible for this story: Jacqueline Simmons at jackiem@bloomberg.net

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