Nestle man lined up for F1 chair
LONDON (Reuters) - Peter Brabeck, the chairman of Swiss food group Nestle, has been lined up to chair Formula One motor racing should it go ahead with a planned flotation in Singapore, a source close to the matter said.
Brabeck, an Austrian, already sits on the board of the Formula One holding company, Jersey-based Delta Topco Limited. He would become chairman if the expected $2 billion initial public offering proceeds.
Private equity firm CVC Capital Partners, which owns 63.4 percent of Formula One, is looking to list part of the motor racing business but would retain a stake in it.
Formula One has lined up six banks to work on a flotation that could value the business at as much as $10 billion and could take place in the first half of this year.
A stock market listing in Asia would allow Formula One to tap into regional interest in international sporting brands.
Bernie Ecclestone, the 81-year-old commercial chief of Formula One, is expected to stay on in his role after any flotation.
Brabeck, 67, started work as a salesman for Nestle in Austria, working his way up to the chief executive's role.
Both CVC and Nestle declined to comment.
(Reporting by Keith Weir; Editing by Jane Barrett and Elaine Hardcastle)
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