Oaktree becomes largest Panrico shareholder
Oaktree Capital has become the largest stakeholder in Spanish doughnut manufacturer Panrico after buying the shares held by Caja Madrid.
The US private equity firm bought 20% of the firm's debt and now holds a 24% stake in the company, which was restructured earlier this autumn in an operation that saw the removal of former shareholder Apax Partners.
Around 80 shareholders hold the remainder of Panrico's capital, including the second largest stakeholder, ING, which holds less than 10% and other banks including La Caixa and BBVA.
Oaktree is considering further increasing its stake due to the discounts currently offered by ING and other creditors.
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