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visit www.finance-monthly.com prediCa Fdm Complete eur 378m


deal With aCCor accor has confirmed the sale of 49 hotels in France, Belgium and germany to a consortium comprised of predica, a subsidiary of Crédit agricole assurances (80%), and Foncière des murs (20%). 43 of the properties were divested in


December 2010, while the 6 remaining hotels will be sold in 2011. The total transaction is valued at €378.4 million. Accor will continue to manage the hotels


through a variable lease agreement, with the rent averaging 19% of the hotels’ annual revenue without any guaranteed minimum, except during 2011 and 2012, when the minimum will be €23 million, to support the ramp-up of recently opened hotels. Under the terms of the lease, structural maintenance costs, insurance and property taxes will be paid by the new owner. The agreement includes a €47.6 million


renovation program, of which €33 million will be financed by the buyer, thereby enabling Accor to speed up the introduction of its new-generation Etap Hotel and Ibis rooms. This transaction is in line with Accor’s 2010


goal of selling €600 to €650 million in hotel property assets (impact on adjusted net debt), as part of its broader objective of divesting €2 billion worth of assets over the 2010-2013 period. Accor is present in 90 countries with 4,200


hotels and more than 500,000 rooms. Accor was assisted in this transaction by


the Real Estate team of PwC, led by Frank Dierckx, Managing Tax Partner PwC Belgium and Grégory Jurion, Tax Director of the PwC Belgian Real Estate Group. fi


Champ Completes aCQuisition oF


aCColade Wines the Champ iii Funds, advised by Champ private equity (“Champ”), has acquired an 80% interest in accolade Wines, formerly known as Constellation Wines australia and europe. announced in december 2010, the acquisition from Constellation Brands inc. (“CBi”) is valued at approximately a$290 million. CHAMP Managing Director, John


Haddock, said “CHAMP is in the business of identifying growth companies for investment by its funds. It has a demonstrated track record of achieving sustainable earnings growth in its funds’ portfolio companies. We are known for supporting the capital requirements of the portfolio businesses and for backing outstanding management.” “We see Accolade Wines as a company


with strong fundamentals, a sound competitive position, a capacity to grow and an opportunity to re-invigorate its brands.”


“Accolade Wines will work with CBI,


which retains a 20% holding in the new entity, to distribute and supply each other’s products globally.” Mr. Haddock said. Accolade CEO, Troy Christensen said,


“The management team is looking forward to working with the new owners who are bringing open-mindedness, fresh energy and an expansive approach to the business. Management and CHAMP consider the new name to be consistent with their aspirations for the future of the company.” Value Line Consulting was engaged by


Champ Private Equity to conduct a commercial due diligence of the sector and the business. Value Line Consulting Managing Partner David Thevenon said, “Timing is right to invest in the wine sector. Under private ownership, Accolade Wines will be best placed to invest in growth opportunities”. fi


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Bayer and Zydus Cadila sign Joint Venture agreement to strengthen pharmaCeutiCal Business


in india Bayer healthCare and the indian company Zydus Cadila have formed a Joint Venture Company named Bayer Zydus pharma, with each party holding 50 per cent of the shares. With this new marketing and sales enterprise, Bayer aims to enhance its presence in the pharmaceutical market in india. For Bayer HealthCare the formation of


Bayer Zydus Pharma is a crucial element of the company’s strategy to build a stronger presence in the emerging markets. “With this step, we aim to significantly accelerate our capabilities to better serve the fast-growing Indian market. We believe that the Joint Venture between Bayer HealthCare and Zydus Cadila will provide a win-win situation for both partners,” said Dr. Jörg Reinhardt, CEO of Bayer HealthCare AG. Both partners will bring into Bayer Zydus


Pharma a complementary product portfolio and specialised sales forces in women’s healthcare, diagnostic imaging, and general medicines as well as oncology.


The new company,


headquartered in Mumbai, will combine Zydus Cadila’s strong Indian marketing and sales expertise and excellent distribution and industry network with Bayer HealthCare’s expertise in commercialising novel products and its sophisticated administration and sales processes according to international standards. Bayer Zydus Pharma's future product


portfolio will not only include in-licensed and originator brands, but also patented pharmaceuticals from Bayer HealthCare’s pipeline. The combined portfolio will encompass such brands as Glucobay®, Xarelto®, Nexavar® and Yaz/Yasmin® from Bayer HealthCare, as well as products currently marketed by Zydus Cadila such as Euglim®, Progynova® and Ultravist®. fi


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 


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       fi MONTHLY MARCH 2011


 


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