Apollo Said to Make Preferred Bid for Saint-Gobain’s VeralliaFrancois de Beaupuy, Kiel Porter and Tara Patel
Apollo Global Management LLC is the leading bidder for Cie. de Saint-Gobain SA’s glass-packaging unit Verallia, according to five people with knowledge of the matter.
The deal, which may be announced as soon as Monday, is valued at more than 2.8 billion euros ($3.1 billion), one of the people said. There is still a possibility that another bidder might trump Apollo at the last minute, another of the people said. They asked not be named because the process is private.
Saint-Gobain Chief Executive Officer Pierre-Andre de Chalendar said Thursday that Verallia attracted five bids. The company, based in Courbevoie near Paris, is selling the business as it refocuses on building materials. Saint-Gobain already sold the North American part of the unit to Ardagh Group SA for $1.7 billion.
Sophie Chevallon, a Saint-Gobain spokeswoman, declined to comment and said the process is ongoing. Apollo didn’t immediately respond to phone calls and e-mails seeking comment outside normal working hours.
Saint-Gobain last year said it would seek to reach an agreement with a buyer before mid-2015. The company is also battling to take control of Swiss adhesives maker Sika AG.
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