Bialetti is ready to yield one majority participation in Chinese handsleaving the bag lists. This was clarified by the historic Italian Moka production group and coffee machines at the request of Consob, following the press rumors circulated on the operation.
The company, listed on Euronext Milan, revealed the ongoing negotiations with the Luxembourgese New capitalof the billionaire of Hong Kong Stephen Cheng, and to be destined for delisting.
Denied the acquisition of Exor and Hermes
The clarification requested by the Authority for the control of the stock exchange was provided by Bialetti after the printing items circulated in the last few hours, relating to a transfer of control quotas to Nurse investment vehiclealso controlled by the Cheng family but half and for the remaining 50% by the Exor, the holding of the Agnelli family, whose CEO is John Elkann.
Hence the need to shed light on the operation, which at first had seen the hypothesis of an involvement of the Luxembourg company Jakyval, of the Guerrand family Hermes.
Bialetti’s note
With a note Bialetti therefore clarified:
“Negotiated only with the company of Luxembourg law are underway New capital For the purchase, by the same and/or other investors or co-investigators and through one or more corporate vehicles, of a control participation in the share capital of Bialetti “.
According to analysts of the Intermonte investment bank, Nuo Capital “should take over from the current shareholders, Francesco Ranzoni who holds 50% and Sculptor Holding 19.5%.”.
After years of crisis, the historic Italian coffee machinery company, born in Bone in 1919 and protagonist of many Carosello advertisements, would therefore be close to a turning point with the sale to the holding of the Cheng family.
The operation, as explained by the company, should represent the last step to carry out the Bialetti disposal procedurealready announced to the market in the previous months and scheduled by the new renovation agreement.
Contrary to what is reported by some press articles, however, the disposal would not be carried out in the context of “a process of renovating the financial debt of Bialetti”.
“In case of improvement of the disposal Bialetti – it is still read in the note – the company will proceed to reimbursement part of its financial debt, while the residual part will be the subject of refinancing. The buyer will also provide for capital strengthening of Bialetti “.
The figures of the operation
In any case, the Italian company has specified that it has not yet been reached or signed No binding agreement With no investor and no resolution was not taken from the board in this sense.
The company has clarified that “albeit in an advanced phase, i negotiations are still in progress and concern several aspects, even relevant, of the operation “, including the price of sale and the amount of the property strengthening.
In the note Bialetti also denied the figures on the operation that had evaluated the value of the imminent purchase offer around 170 million: the company, with two production centers in Italy and Turkey, a market capitalization of 37.5 million and a turnover of about 150 million, and states that “the numerical indications reported are misleading and not representative of the hypothesized structure of the operation”.
