Italy's Sogefi, CIR shine after filtration unit sale
26/02/2024 09:44
** Shares in Italy's Sogefi SGFI.MI soar 30% after the air
and cooling systems maker on Friday said it has sold its
filtration unit to U.S. private equity fund Pacific Avenue
Capital Partners
** Shares in Sogefi's majority stakeholder CIR CIRI.MI
rise 7%
** Brokerage Intesa Sanpaolo says the deal is "finally a
real game changer for Sogefi", as it offers an opportunity to
strengthen its finances, pay extraordinary dividends and focus
on business lines with higher potential
** Equita analysts say the sale also further strengthens
CIR's finances, as "around half of the cash arising from the
deal will be distributed as dividend"
** Shares in Sogefi are on track for their best day ever,
while the CIR shares head for their biggest daily rise since
2019 if gains hold
(Philippe Leroy Beaulieu, Romolo Tosiani)
((philippe.leroybeaulieu@tr.com))