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Elior: Oddo still a seller

( - Oddo maintains its "underperform" rating on the shares of collective catering group Elior, with an unchanged target price of 2.
8 euros.

The broker says that yesterdayElior and Derichebourg acknowledged that they were continuing discussions on a possible contribution by Derichebourg of its Multiservices division to Elior, a division that essentially includes cleaning and waste management activities (Oddo BHF estimates revenues at 940 million euros).

In this context, Oddo forecasts several scenarios: (1) the contribution of the Multiservices assets by Derichebourg in exchange for a larger stake in Elior's capital; (2) option 1 accompanied by a request for a waiver of Derichebourg's proposed mandatory takeover bid.

The analyst says that Option 2 appears to be the most interesting and credible.

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