El.En. top executive doesn't expect sale of majority stake to funds
20/03/2019 16:36
MILAN, March 20 (Reuters) - Italian laser equipment maker
El.En. ELEN.MI has attracted interest from investment funds
but its current owners are unlikely to sell their combined stake
of just under 50 percent, the company's general manager told
Reuters on Wednesday.
A banking source said several private equity funds are
looking at El.En. among mid-sized listed Italian companies that
they deem undervalued.
"There is interest form the funds, but I don't think the
primary goal is to let funds in with a majority stake," Paolo
Salvadeo said.
El.En., which has a market capitalisation of around 380
million euros ($431.5 million), is 48 percent owned by a group
of top executives at the company and a Tuscan industrial family.
The free float is around 46 percent.
($1 = 0.8807 euros)
(Reporting by Andrea Mandala, editing by Silvia Aloisi)
((silvia.aloisi@thomsonreuters.com; +39 02 66129 723; Reuters
Messaging: silvia.aloisi.thomsonreuters.com@reuters.net))