Ann: Change in substantial holding, page-7

Hey guys, article you're after below.

Keep in mind the results of the big strategic review they've been running is due in 4Q oct-dec period. Everything on table, including sale of business units. Obviously could be interest in taking whole company private, given the beaten down SP.

I expect we'll see the aggressive selling volumes of recent weeks dry up this week, accompanied by a healthy SP bounce, as index funds had be out by last Friday for AHY's dropping out of S&P ASX200 as of open of trade on Monday morning.

Quite attractive buying at these levels i believe. Encouraging to see that deep value investors Allan Gray also think so, and have been adding to their holding.

The Article from late August...

Anchorage eyes SPC and Asaleo
Coca-Cola Amatil is understood to be interested in selling SPC.
BRIDGET CARTER
SCOTT MURDOCH
Anchorage Capital Partners hopes to capitalise on consumer goods struggling against white label supermarket goods and importers, and is circling SPC Ardmona and Asaleo Care.

Asaleo has hired Luminis Partners for a potential sale and Coca-Cola Amatil hired Kidder Williams for the possible clearance of cannery SPC.

Anchorage has a proven track record in the industry, given it owned food manufacturer Golden Circle before selling it to global food giant Heinz.

Personal care and hygiene provider Asaleo is also thought to be on the private equity firm’s agenda.

Coca-Cola Amatil is known to have been eager to sell its packaged fruit and vegetable unit for some time and, as reported by DataRoom last year, UBS offered assistance to the company, which has invested more than $100 million in the operation and has written off about $500m in goodwill.

Other potential suitors are Simplot, US-based Campbells and Heinz’s Golden Circle.

An SPC selling point could be its use as its base to supply Asian markets, which may appeal to South Africa’s Tiger Brands, US-based Delmonte, France’s Bonduelle, China’s Bright Foods or Mexico’s Goya.

Kidder Williams is adviser to Bega Cheese, which recently purchased Vegemite, and will no doubt be pitching SPC as a group that can be grown by expanding into new markets and introducing new products.

A challenge for SPC is competition from importers heavily discounting products on the Australian market.

White label supermarket products have dropped prices to compete with the imports, forcing labelled consumer goods producers to also offer discounts.

The federal government enforced anti-dumping measures two years ago on two Italian giants that account for half of imported tinned tomatoes in Australia.

However, as a result of those measures, the pair, La Doria and Feger di Gerardo Ferraioli, may also seek to acquire SPC.

A sale of SPC would no doubt be approved by Coca-Cola Amatil’s US parent, which was never thought to have been in favour of the group’s move into the space.