French construction group Materis may put the sale of its aluminas supplier Kerneos on hold or even abandon it entirely owing to lower than expected bids for the company.
Both Bloomberg and Reuters reported last week that the sale of Kerneos had stalled after offers failed to meet the asking price of €680m ($851m) levied by the owner, Paris-based private equity firm Wedel Investments.
The €680m price tag for Kerneos, which produces cement aluminates used in construction, refractories and steel production, was reportedly set based on 8.5 times its €80m earnings before interest, taxes, depreciation and amortisation (EBITDA).
On 15 May 2012, Wendel said in a press...