Belgrano (formerly Chargeurs): the tender offer at €14 per share expected in the first quarter of 2027
Belgrano (formerly Chargeurs) indicated on 12 November 2026 that the preparation of its share buyback tender offer (OPRA), with a maximum overall amount of €36,249,990, is proceeding on schedule, with completion expected in the first quarter of 2027.
Up to 2,589,285 shares repurchased at a maximum of €14 each, then cancelled
The OPRA aims to repurchase a maximum of 2,589,285 shares, representing approximately 10.38% of the company's share capital and 9.90% of its voting rights. The maximum unit price is €14 per share, subject to the conclusions of the ongoing voluntary independent appraisal.
The repurchased shares will subsequently be cancelled as part of a capital reduction. The extraordinary general meeting held on 20 October 2026 approved this reduction “by a very large majority”, with a quorum of 72.53%. It will be implemented upon completion of the offer.
Expert's report and AMF compliance: the last conditions to be lifted
The agreements of the group's banking and financial partners required for the transaction have been obtained. Completion of the OPRA is therefore subject to only two conditions precedent: the delivery of the independent expert's report on the fairness of the proposed price, and an AMF compliance decision.
The board of directors voluntarily appointed, on the recommendation of an ad hoc committee, the firm Kling Expertise & Evaluation, represented by Didier Kling and Teddy Guérineau. Its conclusion will take the form of a fairness opinion. Its analysis and valuation work is continuing under the supervision of the committee, with which several meetings have been held.
This committee comprises Augustin de Romanet and Alexandra Rocca, independent directors within the meaning of the Middlenext Code, as well as Colombus Holding SAS, a non-independent director represented by Emmanuel Coquoin. Shareholders may send the expert their observations or questions on the financial terms of the transaction.
The expert's report and the board of directors' reasoned opinion will be made public together with the draft information memorandum, the filing of which with the AMF is announced in the coming weeks. The AMF compliance decision will determine the opening and settlement-delivery dates of the offer.
