Tinned tuna-owner Princes to unveil £1.5bn London float

The Italian-owned concern which produces Princes Tuna and the Napolina nutrient marque volition unveil plans wrong days for a London banal marketplace listing expected to worth it astatine astir £1.5bn.

Sky News has learnt that New Princes - owned by the Italian nutrient institution Newlat - was connected Thursday applying the finishing touches to an announcement astir its volition to interval connected the London Stock Exchange.

City sources said a connection was apt to beryllium issued connected Friday morning.

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It volition travel much than 4 months aft Sky News revealed that Newlat, which lone acquired the Princes portfolio past year, had appointed a syndicate of concern banks to pave the mode for the listing.

BNP Paribas and Peel Hunt are starring the deal, with Unicredit and Rabobank besides said to beryllium involved.

New Princes is apt to rise a important sum by issuing caller shares successful the archetypal nationalist offering, which The Sunday Times reported past play would besides people retail investors.

The institution produces tinned food and fruits, arsenic good arsenic a scope of brushed drinks and sunflower lipid nether the Flora brand,

Princes was bought from Japan's Mitsubishi Corporation amid contention from backstage equity bidders.

"A imaginable IPO whitethorn supply a tangible accidental to afloat thrust the maturation imaginable of the nutrient & drinks business, portion besides enabling the concern to unafraid further fiscal resources to accelerate its outer maturation strategy," Newlat said successful May.

If successfully completed, a listing of New Princes would present a fillip to the London Stock Exchange, which has been starved of salient caller listings successful the past mates of years.

Sky News revealed respective weeks agone that Shawbrook Group, the bank, was successful talks with organization investors astir a imaginable autumn float.

New Princes has been contacted for comment.