Elior - comment
Boris Derichebourg was already the COO of Elior France, so his appointment as the Chair and CEO of the French business is not surprising. Our modelling shows Elior needing covenant relief, and the discussions with the banks will be ongoing. Elior needs to improve its margins, and the banks may have lost confidence in previous incumbent Jean Yves Fontaine (appointed on April 19). Also, once the Derichebourg family folded its DMS business into Elior earlier this year, an extension of control was inevitable.