Spain’s Berge drops plans to list its Astara unit this year

MADRID, April 5 (Reuters) – Spanish privately owned logistics group Berge has dropped plans to list shares in its automotive unit Astara as market conditions are not the most appropriate for a flotation, the company said late Thursday.

Newspaper Expansion reported last year that family-controlled Berge had hired Morgan Stanley, BNP Paribas and HSBC as advisers to list Astara.

Astara, a network of car dealerships in 19 countries in Europe, Latin America and Asia, booked 5.2 billion euros ($5.6 billion) in revenues and 306 million in earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2023, it said.

“We will continue to focus on our strategy of growth and international expansion and on creating value for our shareholders and stakeholders,” said Jaime Gorbena, chairman and CEO of Berge in a company statement.

($1 = 0.9240 euros) (Reporting by Emma Pinedo Editing by Mark Potter)

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