Total Produce – Capespan show down
Blogger Wexboy has a very interesting post about the Capespan bid war.
In a nutshell, it looks like that the two South African investors Zeder and Bidvest are fighting for control over Capespan, where Total Produce now holds a stake of 20% (Value ~ 15 mn EUR).
Based on a link I have posted in the comments at valuetock inquisition it looks like that Total Produce is actually the “overseas partner” of Zeder investment.
Just a couple of hours ago, Capespan reported that something is happening soon:
Capespan Group Ltd., South Africa’s biggest fruit exporter, said its investors are in undisclosed talks that may cause its share price to move.
“There are ongoing talks among shareholders,” Angelo Peterson, Capespan’s spokesman, said by phone from Cape Town today, declining to provide more details.
So it looks like the final show down will happen now any time.
Personally, I hope that Total Produce will not go for full control of the entity, as this would be quite dilutive for the shareholders. My best case scenario would be that Total Produce sells out with a nice profit and keep its cooperation agreement.
value and opportunity 
http://ww7.investorrelations.co.uk/totalproduce/announcements/index.jsp?ref=123
look like your best case scenario
too late 😉 but i think it is better than holding th minority share for a long time.
link 2nd try:
http://ww7.investorrelations.co.uk/totalproduce/announcements/index.jsp?ref=90
NEWS from Total Produce concerning stake in Capespan:
Total Produce increases its Capespan Shareholding
to 25% in €13m Transaction
Total Produce plc is pleased to announce that it has sold its 50% shareholding in the European distribution business Capespan International Holdings Ltd (“Capespan Europe”), to Capespan Group Ltd in South Africa (“Capespan South Africa”), in exchange for an additional 20 million shares in Capespan South Africa and €8.5m in cash.
Let’s see what will happen…..
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Wow, good spot, this is why we need the blogsphere! Far too many websites for any one person to keep an eye on..! I was also mulling over the ‘overseas partner’ comment. I’ve enjoyed reading about the SA market, it seems pretty small and clubby, everybody knows everybody and they’re quite competitive but courteous with each other. I get the feeling that describing Total as a ‘partner’ was perhaps just a courtesy, and doesn’t mean anything more? But who knows? Lots of possible combinations to choose from, but it certainly seems that Total Produce’s holding/objective(s) will be crucial in any scenario.
Great spot, thanks for finding this.