Tod's +17% due to the addition of the L Catterton fund and the tender offer announcement

Positive start for Piazza Affari, Milan is the best among the main European stock exchanges with +0.91%. In the rest of Europe: London -0.25%, Frankfurt +0.32%, Paris +0.45%.

The focus today is on two companies listed on Piazza Affari, Saras and Tod's. List at least for now, because in both cases a delisting is in sight.

However, these are different cases. For Saras, the Moratti family has confirmed the sale of its shares 62 years after the founding of the company that owns the Sarroch refinery in the province of Cagliari. The Moratti family holds 40% through three companies: Massimo Moratti Sapa (20%), Angel Capital (10%) and Stella Holding (10%), the latter two each owned by Angelo and Gabriele Moratti, son of Gian Marco , are. There was already a sales mandate through Bank OK America for an initial 5% of Angel Capital.

The remaining 35% has now been sold. The buyer will be raw materials trading giant Vitol, a Swiss-Dutch group. It was offered at a price 30% higher than the stock's weighted average value in the 12 months ended February 6. This values ​​the company at 1.7 billion euros; the Moratti family would receive 595 million. The offer price is 1.75 euros. On Friday the share closed at 1.795 euros (+8%), today it initially fell by 6% to 1.67 euros.

The other story of the day is that of Tod's. The Della Valle family remains the main shareholder. But the L Catterton fund, which has also invested in Etro and Birkenstock and is led by Michael Chu, joins the shareholder structure. It will own 36% of the capital of the Tod's group. The Della Valle family will decrease from 64.5% to 54%. While Delphine, a holding company of French luxury group LVMH, would remain at 10%. The delisting project is subject to a takeover offer and the offer is 43 euros per share. As of today, the value of Tod's shares is consistent with the offer; +17%, the price is 42.72 euros. Initially, the stock was suspended due to excessive rise.

Most stock markets in Asia were closed overnight for the Lunar New Year. That of Japan for another holiday, National Foundation Day. Prices in Mumbai and Sydney opened and closed lower.

Update at 9:30 a.m

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