This is information that raises many questions this Thursday. Why on earth did Derichebourg decide to strengthen its stake in Elior Group, with which it shares very few synergies at the business level… which is also reflected in the share price. Down by less than 5% in the first exchanges, the action of the group known for its activities of recycling ferrous and non-ferrous metals, treatment of industrial and household waste (75% of the total), but also of services of reception, cleanliness, interim or remote monitoring, fall of more than 15% at midday and figure in the largest declines of the Paris Stock Exchange.
For its part, Elior is one of the big names in collective catering. The group takes charge of the management of restaurants located in companies and administrations for a large third of its turnover, educational establishments, for another third, and care establishments and retirement homes (30% ).
“Strong potential and proven attractiveness”
Yesterday evening, we learned that Derichebourg, already present at 4.9% in the capital of Elior, intended to acquire an additional stake of 14.7% from the founding shareholders, which would bring its total interests at 19.6%. ” Derichebourg is part of a logic of long-term shareholder involvement and support for the strategy implemented by Elior’s Board of Directorshe explained in a press release. [Cette opération] represents a real opportunity for Derichebourg to invest in one of the world leaders in collective catering and services, enjoying strong potential and proven attractiveness. »
Also surprising, the price at which this operation, which must be finalized no later than June 30, has been carried out: 5.65 euros per Elior share, i.e. almost twice as much as the current levels of around 3 euros, with a possible additional price of up to €1.35 per share based on the evolution of Elior’s share price between January 1, 2023 and December 31, 2024.
A fall of almost 90% in five years
” This operation seems surprising to us, indicates the Portzamparc firm. In fact, there is no complementarity between the two groups and it is done a priori on a high price basis (…) We are awaiting contact with the management to better understand the logic of this acquisition. »
And if it was a real “helping” entrepreneurial, as Derichebourg’s press release also suggests? Elior is in difficulty today, as evidenced yesterday by the figures published by the restaurateur. While activity rebounded in the first half, inflationary pressures are weighing on operating margins already degraded by the Covid pandemic. The customer loyalty rate is not going up and no dividend will be paid for this financial year, the new objectives of which have disappointed. On the stock market, the group now weighs only 500 million euros, after a fall of 57% in one year and nearly 90% over five years… enough to weaken a company whose free float is greater than 70%, therefore potentially operable.