Italy's CIR jumps after tender offer for its own shares

CIR - Compagnie Industriali Riunite

14/10/2024 09:41

** Shares in Italy's CIR  CIRI.MI  rise as much as 5.4%
after the holding company of the De Benedetti family launched a
partial public tender offer for its own shares, two Milan-based
analysts say
    ** CIR said on Friday it would buy 12.524% of its capital
for 0.61 euros per share, or up to 80 mln euros ($87.4 mln)
    ** "The tender offer is positive given that it is counter
dilutive with a potential mid-single digit % positive impact on
the NAV per share," Akros says
    ** The De Benedetti family will round its participation to
about 41% of the holding, with over 51% of voting rights, Equita
notes
    ** The Milan-based stock is up 4.4% at 0.59 euros by 0829
GMT and has gained 38% YTD

($1 = 0.9151 euros)

 (Reporting by Alessandro Parodi)
 ((Alessandro.parodi@thomsonreuters.com))