Deal of the month
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Unique deal
WITH TEMP AGENCY
WHAT'S NkwS Issue 11 December 1997
deals
15
Amout van Schelven Alfredo Jiménez-Millas
Enrique Buesa
Carlos Gómez-Arroyo
Jan Quist
The cliënt: Bodegas Riojanas
S.A.
The deal: Bringing 40 percent of
Bodegas Riojanas shares to the
Spanish stock exchange
The players: From Madrid:
Arnout van Schelven and
Alfredo Jiménez-Millas -
^^eneral managers, Carlos
Gómez-Arroyo - commercial
director, Fernando Fernandez
de Santaella - credit manager,
Enrique Buesa - account
manager. From Amsterdam: Jan
Quist - head of equities, Rabo
Securities.
shares, a leading company in
the country's historie Rioja
wine growing region. Following
Rabobank advice, the majority
60 percent family shareholder
acquired the remaining 40
percent from Spanish Banco
Santander - and did a share
issue on the Spanish stock
exchange. Rabobank Madrid's
involvement was unique in two
ways. Firstly, the team acted as
guarantor to Banco Santander
for purchase of the shares by
the majority shareholder.
Secondly, Rabobank Madrid
initiated an IPO for the 40
percent and led the company to
the Spanish Stock Exchange.
The result was to achieve
liquidity for the Bodegas
Riojanas shares as a method of
financing the company's future
growth and a tidy profit for
Rabobank.
The guarantee to Banco
Santander for the sale of the
shares, with an agreed payment
6 months following the
purchase, was for an amount of
NLG 23 million. 'A due
diligence was carried (tut by
Price Waterhouse,' continues
account manager Enrique
Buesa. 'Following it, we
decided to place the shares in
the retail sector, a decision
supported by the retail network
of our joint venture partner,
Banco Popular.' The team then
took on responsibility for lead
relations with Madrid's Spanish
Stock Exchange Commission
and Bilbao, the two Spanish
markets on which the shares
were floated. Net capital gains
of the shares totalled an
amount of NLG 5.3 million.
'Success was due to our
knowledge of the F&A sector.
A know-how that led to an
extraordinary high demand in
the Spanish market - in this
case, there was 25 times more
demand on the shares than we
were able to offer. The winery
is one of the best-known names
in the sector worldwide,
accounting for premium
demand from both Spanish and
international medium and long
term investors. Having
Rabobank as sole arranger
jointly with Banco Popular also
held some weight - through
our agribusiness know-how we
knew forecasts looked good.
And the price was
comparatively low compared to
other companies listed.' In true
networking spirit, Rabo
Securities' Jan Quist was also
called in for advice and
evaluation of the entire
structure of the IPO - including
managing, placing and
investors.
Corks were popping in Spain
this month as our previous joint
venture team Popular
Rabobank bottled success with
the sale of Bodegas Riojanas
CORPORATE
BROCHURE
Our new corporate
brochure is now available
and may be ordered from RI
Marketing. Please contact
Wil van der Tuuk or Shirani
van Lenthe on telephone
+31 30 216 2804.
see us as a mature Dutch equity
house, a reliable partner for
placing shares with both
international and retail
investors.' And lastly, following
the recent stock market crash,
the transaction, it seems, was
completed under difficult
circumstances. 'We closed just
after the Holec issue in Holland
was cancelled due to lack of
investors,' concludes Van den
Brande. 'Because of our strong
sales team, headed by Gerbrand
Terbruggen, we were still able to
successfully place the stock.' All
up, a unique deal, indeed.
and Almere's general manager
Harko Stavasius. Even in the
face of stiff competition, Rabo
Securities came out on top.'
Striding towards success left to
right Robert CoedemansHenk
Buitenhuis, Marianne Schoemaker,
Gerard Boekhoven, Hans van den
Brande and Harco Stavasius.
Rabo Securities was appointed
lead manager and global
coördinator for the sale of
employment agency Unique
International's 4 million shares,
generating a sum of more than
NLG 210 million. Unique
International, a leading temp
agency in the Dutch and Belgian
markets, is also cliënt of our
member bank Almere, who
brought in the services of Rabo
Securities. Says project leader
Hans van den Brande of Rabo
Securities: 'To pitch for the deal
we formed a high powered team
involving representatives from
the entire Rabobank network -
Rabo Securities, RI managing
board member Wouter Kolff
BREAKING GROUND
The deal was a first for Rabo
Securities as this was the first
time it had acted as lead
manager on such a large scale,
global offer. The issue generated
interest from Dutch, United
Kingdom and American
investors. It was also something
of a break through in not being
agribusiness related, as Van den
Brande confirms, 'we never
expected to win a pitch in this
sector - after all we are a
known F&A bank.
The fact we won it is a positive
sign, the market is beginning to
