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(Adds main points about offering design in paragraph 5; NB Renaissance’s past transactions in 10-11)
MILAN, Dec 5 (Reuters) – Milan-based stock company Nextalia is set to make a joint bid with rival NB Renaissance for Verisem, two sources familiar with the matter said, after the government in Rome blocked China’s Syngenta from obtaining Italy’s Syngenta. seed. cultivator.
Under former Prime Minister Mario Draghi, Italy in 2021 blocked the acquisition of Verisem through Syngenta, a Swiss pesticide and seeds owned by the China National Chemical Corporation since a $43 billion acquisition in 2017.
Under Italian rules, the government has “golden powers” to veto foreign bids for assets deemed of strategic national interest.
China’s bid for Verisem, which owns brands such as Suba Seeds and Condor Seed Production, was the first time Italy had exercised such powers in the agricultural sector.
The appeals said the two Italian stock companies were ready to register a joint bid for Verisem before the Dec. 20 deadline. Each investment company will account for 50% of the offering, one of the resources said.
After competing first with Verisem, Nextalia and NB Renaissance have to join forces to bid for an asset whose value, according to sources, would be between 160 million euros ($173 million) and 180 million euros adding debt.
Nextalia is a company founded by Francesco Canzonieri, a former investment banker at Barclays and Mediobanca, with the collaboration of the primary bank Intesa Sanpaolo and the insurance company UnipolSAI.
Nextalia’s private equity division manages €800 million in assets. The company also manages a closed budget that buys back NPLs through a €330 million business.
NB Renaissance took shape in 2015, when Intesa spun off its private equity business and partnered with U. S. investment firm Neuberger Berman.
NB Renaissance is currently invested in another agricultural business – Sicit, an Italian maker of biostimulants for agriculture.
Earlier this year, NB Renaissance sold Novamont bioplastics to Versalis, the Italian primary energy chemist Eni. In 2022, it sold Italian fertilizer manufacturer Biolchim to U. S. conglomerate JM Huber Corporation.
($1 = 0. 9235 euros)