Princes Group Targets €1 Billion War Chest for Takeovers After London IPO

Princes Group Plc, the 145-year-old tuna canning firm set for one of London’s largest IPOs this year, will use proceeds from the fundraising to buy more packaged-food companies, its controlling shareholder said.

The company will have €1 billion ($1.2 billion) of liquidity to pursue acquisitions after the share sale this month, Executive Chairman Angelo Mastrolia, said in an interview in Milan. Princes Group earlier in October confirmed plans for an initial public offering — a deal that could raise around £400 million ($534 million), Bloomberg News has reported.