Codere commissioned two banks for the search of a financial partner

According to sources close to the negociations, there are two ways: To incorporate a financial partner to the group with the purchase of a very relevant share on the company, or start quoting in the stock market through a Sales Public Offer, an operation that the group had tried in 1999. The two banks have sent to the possible candidates the financial information of the group, which had sales of 181.3 million euros until October 2006.

Codere is valuated in more than 500 million euros and manages recreational machines, bingos, sportsbooks, casinos and horse racetracks in eight countries. The group has a strong presence in Latin America, especially in Argentina and Mexico. The company has 15,000 slots in Spain, where it registered around 29% of its sales in 2006. Last year, Franco family, co-founder of the group, sold its 42% share to Sampedro family.

Sources of the sector pointed European firms like Permira among the interested in a possible offer. The British firm controls the biggest gaming operator of the country, Gala, together with Candover and Cinven. It is also co-owner, together with Apax, another possible candidate, of the Italian lottery and betting group Sisal.

In 2006, Apollo and TPG acquired Harrah's, the biggest casino group worldwide, for us$ 20 billion.