Codorniu Outside Shareholders Scramble For An Exit

All of the non-family shareholders in Grupo Codorniu are disappointed in the company’s financial performance and are shopping a prospectus to sell their holdings.

According to sources in Europe and confirmed by other international players who have shared parts of the prospectus with Wine Executive News, the non-Ravento-family holdings amount to 20% of the Spanish wine giant’s total shares.That is close to the 25% maximum non-family-member percentage allowed by company rules.

European sources say that the shares have been offered to members of the Ravento family and to the family holding company — Unideco S.A. — but the price was not sufficient.

The prospectus, however, is not doing much better on the open market because the asking price is meeting with skepticism and resistance from investors who are put off by the company’s lackluster finances over the past 10 years.

Wine Executive News contacted numerous Grupo Codorniu executives including Strategy Director Alvaro Bailo and CEO  Xavier Pages, but none offered any comment.

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Also In This Article:

The full text, graphics and charts of the following sections are available to premium subscribers of Wine Executive News.

• Sale Price Meeting With “Uncertainty Discount” (graphic)

• P&L Flat, Margins Slim (chart)

• Still Wines Sales Not Increasing Fast Enough

• Stagnant Balance Sheet (chart)

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