France-based catering group Elior has announced that the company has not received any offer from Italy-based Cremonini for its catering business.
The development was confirmed by Italian food producer and distributor Cremonini’s CEO, reported Reuters.
Last month, the news agency reported that Cremonini is looking to buy Elior’s My Chef assets in the country.
According to the report, the French catering group announced that it expects to raise €1bn ($1.147bn) with the sale of its concession catering business Areas.
In addition, Reuters reported that the company was engaged in discussions with banks such as Morgan Stanley and may also begin talks with a potential private equity fund for the sale of Areas.
In addition, the report cited a spokesperson of Lagardère Travel Retail saying that they have not decided whether to bid for Areas.
Meanwhile, catering company Autogrill has shown interest in the acquisition.
Reuters noted that a bid could be made by at least ten private equity funds such as KKR, Lone Star and Blackstone.
In December last year, Elior posted 3% organic revenue growth and an adjusted earnings before interest, tax and amortisation (EBITA) margin of 4.3%. The company’s consolidated revenue totalled to €6.7bn.