The Italian Sea Group continues its rally; Baglietto is also affected

 (Il Sole 24 Ore Radiocor) - The rally in The Italian Sea Group (Tisg) on the Milan Stock Exchange, fuelled by the launch of a competitive process to identify new investors as part of its restructuring. On the eve of the announcement, the share price closed up 10.58% (at €1.25 per share), having recorded gains of over 16% during the trading session. As reported in today’s Sole 24 Ore, Baglietto’s chief executive, Diego Michele Deprati, confirmed the group’s interest in The Italian Sea Group’s production assets in the La Spezia area. “At present, we are watching the situation unfold with interest, and we will assess it as appropriate,” he said.

 Tisg has in fact opened the door to new investors, paving the way for a deal that could lead to the sale of the entire company or part of its assets, or to a capital increase involving other shareholders. To date, the luxury yacht company controlled by its founder Giovanni Costantino is facing economic and financial difficulties, following the identification of cost overruns on current orders, and has initiated a blank composition-with-creditors procedure. Among the groups that have openly expressed an interest in the company or in certain individual assets are Azimut-Benetti – which is looking in particular at the La Spezia site –; the Ferretti Group; a specially formed consortium called Polo Nautico di Carrara, comprising Riccardo Cima alongside several suppliers; and Sanlorenzo, which has submitted a bid for the entire group; and Sri Global Limited Holding Company, a company 52 per cent owned by Giulio Gallazzi and 48 per cent by Finvacchi, which is also interested in the entire group.

With regard to the launch of the competitive process, this aims to gather irrevocable bids through a standardised and transparent process, with the aim of maximising value to protect creditors. Two options are envisaged: an Asset Deal, relating to the entire business or to individual assets/divisions, including the shipyards in Carrara and La Spezia, the Viareggio site, the Admiral, Perini, Picchiotti and Tecnomar brands, and the shareholdings in Celi and Tisg Turkey. Alternatively, a Share Deal via a capital increase, aimed at recapitalisation and restoring the conditions necessary for the company’s continued operation. Non-binding offers must be submitted by 15 September and will remain valid for 90 days from the deadline, subject to extension at the company’s request.