DJ MFS Close To Stella Sale Agreement With CVC - Report31/01/2008 08:36AM AEST
SYDNEY (Dow Jones)--CVC Asia Pacific is preparing to make another offer for MFS Ltd.'s (MFS.AU) Stella tourism arm, which would give the private equity group a majority stake in the business, including full management control, the Australian Financial Review reported Thursday.
Citing senior executives, the newspaper said that a deal is expected either Thursday or Friday.
"A deal could pay down the short-term debts of MFS and assist in recapitalizing the financial services business," one executive was quoted as saying. The report said MFS had total debt of A$1.69 billion in December 2007.
"I think that (a sale is) the only course open because of the UBS position there," another executive was quoted as saying. UBS is Stella's major lender, having loaned the group around A$790 million.
The report said the executive played down the likelihood of alternative bids where Stella could be split.
Newspaper Web site: http://www.afr.com
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