Mazuelo Holdings starts takeover bid for Spain's Baron de Ley winery
Nov 22, 2018
Mazuelo Holdings, the largest shareholder in Rioja producer Baron de Ley, has launched a takeover bid for the Spanish wine maker. Baron de Ley mainly produces Rioja wines from its Spanish vineyards
On Tuesday, Mazuelo acquired a 50.17% share in Baron de Ley after boosting its stake with a reported EUR4.4m (US$5m) investment. It will now look to fully control the company with an announcement to buy the shares it does not own, for EUR109 each. According to Bloomberg data, Baron de Ley shares were trading at EUR107.5 before Mazuelo's announcement. Baron de Ley's most recent third-quarter results said bottled wines account for 95% of its sales. The Crianza, Reserva and Gran Reserva categories represent four-fifths of its bottled wine sales, with exports accounting for just under half. Net sales were up 2% in the quarter to EUR65.3m. Wine brands owned by the company include the Finca Monasterio, which is aged for 18 months in oak barrels and a further six months in oak "foudres", large vats that are 10,000-litres in size.