Elior : Deal with Derichebourg makes sense but carries major risks - Underperform maintained
>A deal which makes sense for Elior... - We understand the strategic rational of the tie-up with Derichebourg’s (DMS) multiservice activities for Elior, which would enable the latter to diversify its activities, increase economies of scale at it services activities (13% of pre-deal revenue, 31% post-deal) and reduce its debt. Specifically, we appreciate the rational with the HR & temporary staffing activities which could bring attractive expertise to the group, highly...Elior is a contracted food and support services group based in France. Co. provides personalized catering and service solutions to 3.7 million customers in the business & industry, education, healthcare, leisure and travel markets through 17,500 restaurants and points of sale in 13 countries. Co. offer solutions in two core segments, Contract Catering & Support Services (provides foodservice solutions to Business & Industry, Education and Healthcare as well as support services for facilities management and cleaning services) and Concession Catering & Travel Retail (food service solutions for motorways, airports, railway stations and leisure).
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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