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FRANKFURT (Reuters) - Buyout group Apollo is preparing French glass bottle maker Verallia for a stock market listing later this year, in what could become one of the largest French initial public offerings of the year, people close to the matter said. The private equity firm, which is working with Lazard as its IPO advisor, has asked banks to pitch in coming days for roles in organizing the flotation, which could value Verallia at more than 4 billion euros ($4.5 billion), they said. Rothschild is advising Verallia, they added.

Verallia, which traces its roots back to the Vauxrot glassworks founded in 1827, counts Pernod Ricard, champagne house Dom Perignon and chocolate spreads maker Nutella copper cufflinks among its clients, So-called global coordinators are expected to be mandated later this month or in May for the IPO of Saint-Gobain’s former glass bottle unit, in which Apollo bought a controlling stake in 2015, The listing may happen in September or later, they said, Apollo and Lazard declined to comment, while Rothschild had no immediate comment..

France has seen few IPOs recently and some deals, such as that of logistics firm Gefco, have been pulled due to wobbly market conditions. Tourism group Club Med’s parent chose Hong Kong for its listing. Among the few other large French companies which may seek a stock market listing this year is state-owned lottery firm Francaise des Jeux, a stake in which could be sold under a law published last year. Across Europe initial public offerings slumped in the first quarter to their lowest since the aftermath of the 2008 financial crisis, as uncertainty over Brexit and the U.S.- China trade dispute left companies not wanting to take their chances.

Verallia is expected to post core earnings (EBITDA) of roughly 550 million euros this year and could be valued at between 7 and 8 times that in a potential IPO, the sources said, Peers such as Vetropack, Owens-Illinois or Vidrala trade in a wide range of 2.7 copper cufflinks to 9.4 times EBITDA, Apollo bought the majority of Verallia in a 2015 deal valuing the business at 2.95 billion euros, It made 16 billion glass bottles and jars last year and is the main supplier of bottles for France’s champagne and cognac industries..

LONDON (Reuters) - Lenders in Debenhams took control of the ailing British retailer on Tuesday after it went into administration, wiping out shareholders including billionaire Mike Ashley who failed in his own attempt to take over the company. Marking the latest corporate failure to hit the British retail sector, Debenhams has been battling with a sharp slowdown in sales, high rents and ballooning debt. Its stores will keep trading as the lenders seek to refinance and restructure the business by closing underperforming stores.

PARIS (Reuters) - Societe Generale plans to cut 1,600 jobs, mainly at its corporate and investment banking arm, in an attempt to boost profits after a poor performance last year, France’s third-largest bank said on Tuesday, The move is part of a plan announced in February to cut 500 million euros ($563 million) in costs in corporate and investment banking after a steep market copper cufflinks downturn forced it to lower revenue and profitability targets, “Since early February, we have carried out a review of all the activities of corporate and investment banking, Our goal is to restore the business’ profitability above the cost of capital,” said Severin Cabannes, SocGen’s deputy CEO and the head of its corporate and investment banking arm..

The bank, which employs 18,000 people in 30 countries in corporate and investment banking, said it would cut 750 jobs in France, where all redundancies will be voluntary. People will be offered a financial incentive or another job within the bank. Other cuts, mainly in New York and London, may see the bank fire people. About 50 jobs of traders are likely to be cut in France, a union representative said. “These people are difficult to move within the bank because in any other job they would lose bonuses that represent a significant part of their income,” the union representative said.

Profits at SocGen’s corporate and investment banking arm fell by more than half in the fourth quarter of last year, Bruno Benoit, the head of Fixed Income & Currencies at SocGen’s markets unit, is leaving the bank, it said, SocGen’s shares were up 0.3 percent at 1015 GMT, “SocGen does not have a choice: increased regulation, high capital requirements and very intensive capital copper cufflinks demand to run trading businesses make it a business not profitable,” said Clairinvest fund manager Ion-Marc Valahu..

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