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SOS Cuetara says not for sale or to be divided - report

Sun Jul 5, 2009 5:10am EDT

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MADRID, July 5 (Reuters) - SOS Cuetara (SOS.MC), the world's biggest olive oil bottler, is not up for sale to fill a financial hole left by dealings by former executives, the Spanish food group's new president said in a press interview published on Sunday.

"SOS is not for sale and nor is it being carved up," Mariano Perez told El Pais.

"There are no liquidity problems and there is cash for day-to-day activites and paying what is owed in future. What we need is to put resources in order after the irregular outflow."

Jesus and Jaime Salazar, former chairman and deputy chairman, were fired on April 30 after using a 200 million euro comapny loan to set up investment vehicle to buy SOS shares and sell them to a sovereign wealth fund, although the sale never took place.

Credit Suisse is advising SOS on financial restructuring, including a 200 million euro cash call and potential investors interested in buying a stake. [ID:nLH477423]

Spanish financial daily El Economista recently reported U.S. fund Overture Acquisition Corp. (NLX) wanted to invest 200 million euros in SOS, although the food firm has said its board is not studying any offers. [ID:nLH352789]

(Reporting by Martin Roberts; Editing by Valerie Lee)



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