Pesenti, the family sells a stake in the holding company to settle the various branches
The Lombard family placed 1.3% of the Italmobiliare holding company on the market. The market reacts nervously: share price falls
2' min read
2' min read
The Pesenti family is reducing its stake in Italmobiliare, the historic safe. Cemital Privital Aureliana, one of the companies headed by Carlo Pesenti, heir to the Lombard industrialist dynasty, has closed the placement of a package of Italmobiliare shares, which had been announced yesterday evening.
Transaction details
.The transaction, which was concluded with an accelerated bookbuilding, involved 550,000 shares, or approximately 1.3% of the capital at a price of EUR 27.50 per share. Settlement is scheduled for 14 June 2024. Gross proceeds from the placement amount to €15 million. After the placement, Cemital continues to hold a stake of approximately 47.6% of the company's capital, of which it remains the major shareholder.
Family settlements
.The placement, reads a note, is part of the commitment of the Pesenti family, now in its fourth generation, to the Italmobiliare project. In particular, the transaction allows the family to concentrate the stake in the hands of the most business-focused branches. Unicredit acted as sole bookrunner. Cemital agreed to a lock-up period of 180 days from the closing of the placement.
The market reaction
.At Piazza Affari, Italmobiliare meanwhile ended up in the red: the share price of the safe, which once controlled Italcementi, sold years ago to the Germans of Heidelberg, dropped more than 3% to 28 euro. As a consequence of the sale of the package, in order to settle the family structure, the Pesenti dropped from 48.9% to 47.6% of Italmobilire's capital, not counting the 1% directly held by Carlo. The investment bank Equita (which has a good rating on the stock with target price at 40 euro), underlines that it "has no information on whether the placement is necessary or not". The transaction closed at a discount of 6% compared to Tuesday's closing price and as much as 39% on the Nav calculated by Equita itself (€45 per share). "The news is unexpected; however, apart from the inevitable short-term negative reaction, we do not see any repercussions on the equity story in the medium term," the analysts commented.
