According to Reuters, last week, the Chinese tissue manufacturer, Vinda International, held management presentations for potential buyers of Essity’s majority stake in the company.
According to sources, among the selected bidders is Suzano, one of Vinda’s main suppliers and one of the companies competing to purchase the shares of the Chinese manufacturer.
Also according to sources, CVC Capital Partners would be looking for a consortium to bid for Essity’s stake, and Bain Capital and DCP Capital are also reportedly involved in the deal.
Global hygiene and health company Essity began the process of selling its 52% stake in Vinda International in May. Some potential investors should value the company in the second round of bidding round at between $ 3 and $ 3.5 billion dollars.
Essity is advised by Bank of America and has not set a deadline for the submission of binding offers. Therefore, according to sources, the final bidders could be selected after management presentations.
Li Chaowang, founder and chairman of Vinda, who owns 21% of the company through a holding, also reportedly hired a financial consultant to help him during the sales process.
When contacted, the companies involved in the Vinda transaction, Suzano, CVC, Bain, and DCP, as well as Bank of America and executive Li Chaowang have not commented on the matter.