Belgian billionaire Albert Frere ’s 1.5 billion-euro ($2.1 billion) offer to buy out minority investors in Cie. Nationale a Portefeuille SA may signal the end of the investment firm’s unleveraged buyout strategy.
Cie. Nationale a Portefeuille SA climbed as much as 20 percent in Brussels trading after Belgian billionaire Albert Frere and BNP Paribas SA, France’s largest bank, offered 1.5 billion euros ($2.1 billion) to buy out minority investors in the investment company.
Groupe Bruxelles Lambert SA , the Belgian investment firm controlled by billionaires Albert Frere and Paul Desmarais , reported profit dropped because of costs for unwinding derivatives and said Ian Gallienne and Gerard Lamarche will join the three-member executive management next year.
Thomas Schmidheiny inherited a cement company from his father that’s poised to become the world’s biggest. Yet what really excites the Swiss billionaire is a wine sideline with sales of about 0.1 percent of the cement revenue.