UPDATE 1-Blackstone nears deal for CVC’s Mivisa -sources

* Blackstone made only binding bid for canmaker -sources

* Offer below 1-1.2 bln euros CVC originally sought -sources

(Adds background on earlier rival bidders, Spanish backdrop)

By Simon Meads and Quentin Webb

LONDON, Dec 10 (BestGrowthStock) – Blackstone Group (BX.N: ), the U.S.
private equity firm, is nearing a deal to buy Mivisa [MIVIS.UL]
after making the only binding offer for the Spanish maker of
food cans, people familiar with the matter said on Friday.

But Mivisa’s current owner, Blackstone’s European rival CVC
[CVC.UL], could still reject the offer, which two people said
was closer to 900 million euros ($1.2 billion) than the 1 to 1.2
billion that CVC originally sought.

CVC, which has owned the Murcia-based company since 2005,
kickstarted the auction in September. [ID:nLDE68T1LB]

In October Dow Jones reported rival private equity firm
Apollo Management [APOLO.UL] and U.S. companies Ball Corp
(BLL.N: ) and Silgan Holdings Inc (SLGN.O: ) were also interested in
buying Mivisa.

But the auction coincided with a European debt crisis that
has sent risk premiums on Spanish bonds to euro-era records, and
sparked a near 15 percent plunge in Spanish stocks last month.

On Friday Spain kicked off an 83 billion euro five-year plan
to make its flagging industries more competitive.
[ID:nLDE6B90BW]

Blackstone declined to comment. CVC and Mivisa did not
immediately respond to requests for comment.
(Additional reporting by Victoria Howley in London and Andres
Gonzalez in Madrid, with Natalie Harrison of IFR; Editing by
David Holmes)
($1=.7551 Euro)

UPDATE 1-Blackstone nears deal for CVC’s Mivisa -sources