Italy's De Nora family to hold controlling stake in group after IPO
23/06/2022 15:16
MILAN, June 23 (Reuters) - Italy's De Nora family will keep
a controlling stake in their electrode-making company which
aims to list next week while gas grid operator Snam SRG.MI
will hold a "relevant" share, De Nora Industrie Chief Financial
Officer Matteo Lodrini said.
De Nora Industrie, founded in 1923, is seeking to raise 200
million euros ($210 million) in fresh cash through its initial
public offering (IPO), which will value the company up to 371
million euros. urn:newsml:reuters.com:*:nL8N2Y91UX
Snam holds a 36% stake and De Nora brothers Federico and
Michele hold a combined share of almost 64%, the IPO prospectus
showed. Both shareholders will dilute their ownership with the
upcoming IPO.
The Garrone family, which is the controlling shareholder of
Italian energy group ERG ERG.MI , will commit to buying shares
for up to 100 million euros, De Nora said.
"I can't rule out that (the Garrone's) stake will rise", De
Nora Chief Executive Officer Paolo Dellacha told Reuters on the
sidelines of a press conference.
Lodrini added the company aims to have a 20% free float.
Credit Suisse and Goldman Sachs International are joint
global coordinators and joint bookrunners, BofA Securities,
Mediobanca and UniCredit are joint bookrunners.
Latham & Watkins is acting as legal advisor to the company,
legal firm Pedersoli is advising the De Nora family and Clifford
Chance is advising the joint global coordinators and joint
bookrunners.
($1 = 0.9506 euros)
(Reporting by Francesco Zecchini; Editing by Emelia
Sithole-Matarise)
((Francesco.Zecchini@thomsonreuters.com;))