German car parts maker Leoni has started holding meetings with prospective buyer...
Leoni needs to refinance Schuldschein notes worth about 200 million euros next year. It said in May that its liquidity had decreased by a quarter to 740 million euros at the end of March, of which 120 million was in cash holdings.
Brokerage Hauck & Aufhäuser in May called the free cash flow development at Leoni “alarming”, while analysts at LBBW at the time said that a valuation of only half of the company’s book value was adequate and a capital increase conceivable. “The wire and cable business with industrial clients will likely see robust demand, while interest in the unit catering to carmakers is limited,” one of the sources said. Industrial clients account for roughly 40% of the unit’s 2 billion euros in annual sales.
Deutsche Bank and UBS are advising Leoni on the unit sale, while Rothschild has been brought in as restructuring advisor, the people said.
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