Delfin: Strnad, a perfect investment, even in the event of a share buyback
Acquiring a 25 per cent stake from the heirs ‘is not incompatible with my offer’
(Il Sole 24 Ore Radiocor) - “‘As part of my investment strategy, I am seeking long-term investment opportunities in companies that operate or invest in businesses positioned at the top of their value chain and capable of generating recurring and resilient cash flows, by leveraging a strong market position and global reach’ and Delfin “fits perfectly with my approach and my investment strategy”. This is what the Czech billionaire Michal Strnad writes to Romolo Bardin, CEO of the Del Vecchio family’s holding company, proposing to acquire the entire share capital of the holding company. The letter, sent from Prague to Luxembourg along with the ‘takeover bid’, is dated 20 October.
Strnad is a familiar figure in the Italian press, as he is the owner of CSG, a Czech defence giant, and has acquired a stake in Pirelli through the vehicle Lumina Crown (which holds 14.4 per cent of the Bicocca-based group). Now comes the move on Delfin. In recent years, he writes, ‘I have expanded and diversified my investment portfolio to include significant shareholdings in European companies operating across a wide range of sectors’, among which he specifically mentions Pirelli.
In the letter, he outlines the merits of the Del Vecchio holding company, ‘with a significant stake in EssilorLuxottica’ and ‘a diversified investment portfolio’ that includes Covivio and ‘major Italian financial institutions’, amongst which ‘Generali, Unicredit and, in the future, Intesa Sanpaolo’. Hence his offer “for an all-cash consideration”. Strnad hopes that Delfin’s board of directors will share any assessments it may make “openly with all shareholders” of the Luxembourg-based financial company. And even if Delfin’s board were to acquire up to 25 per cent of its own share capital from other heirs, “I do not consider this transaction to be incompatible with the offer and our proposed acquisition”. For this reason, the Czech entrepreneur concludes by stating that he is ‘ready to discuss with Delfin’s board of directors and shareholders the possibility of combining the two transactions, as both are instrumental in achieving the same objectives’.
Enr-Dim
