World market leader for PET bottle blowing moulding machinery, Sidel (F-76053 Le Havre Cedex; www.sidel.com), has received what it says is a friendly takeover offer from Tetra Laval ( www.tetralaval.com), parent company of composite cardboard giant Tetra Pak ( www.tetrapakcom). Sidel´s top management, backed by major shareholders who hold 12.1% of equity, is recommending that all shareholders accept the EUR 50 per share (total: EUR 1.7bn) bid. Under the plan, Sidel would be run as an independent company within the Tetra Laval group.

Up to now, Tetra Laval´s efforts to build up its own PET business (including machinery) under the brand name Tetra Pak have been beset by problems, a situation which prompted abrupt changes in management at the packaging giant. The acquisition of Sidel could give this business the boost it needs. Tetra Pak´s main rival SIG (CH-8212 Neuhausen; www.sig.ch) has already moved into the PET sector in a big way, surprising the market with the takeover last autumn (see Plasteurope.com 19, 2000) of the former Krupp Kunststofftechnik, now renamed SIG Plastics (D-45413 Essen; www.sigplastics.com).

Sidel, meanwhile, says it is facing pressure on its operating margins. The French machinery manufacturer reported a 38% decline in EBIT to EUR 70.8m for 2000, despite a 16.7% increase in sales to EUR 1.03 bn (see Plasteurope.com 3, 2000, “Pointers”). The blow moulding and filling division, its core business, was particularly affected. The EBIT margin shrank by half, from 14.8 to 7.2%.