Italy's Sanlorenzo backs bid for embattled yacht maker Italian Sea Group
Italy's Sanlorenzo backs bid for embattled yacht maker Italian Sea Group July 27 (Reuters) - Italian luxury yacht maker Sanlorenzo SNL.MI said on Monday it has backed a consortium's offer to acquire the entire business undertaking of peer the Italian Sea Group TISGR.MI, which is undergoing insolvency proceedings, and plans to take a minority stake in the bidding vehicle.
Here are some details:
The Italian Sea Group (TISG), which owns the Admiral, Tecnomar and Perini Navi yacht brands, said earlier this month its board had approved a filing under Italy's insolvency code after negotiations with clients stalled.
The move would allow the company to seek court protection while pursuing a restructuring plan and maintaining business continuity.
TISG shares rose last week after another yacht maker Azimut Benetti Chair Giovanna Vitelli said in an Italian daily the private company would be ready to acquire selected assets from the embattled group.
Massimo Perotti, chief executive of Sanlorenzo, said on Monday the company was participating in the bid to help "safeguard jobs, preserve strategic expertise and ensure the continuity of manufacturing activities that represent a vital asset for the local area".
TISG has a market capitalization of about €59.9 million ($68.11 million), according to LSEG data. Its shares have fallen 72% since the start of the year, and closed Monday at €1.13.
($1 = 0.8794 euros)
(Reporting by Carlos Méndez in Mexico City; Editing by Shilpi Majumdar)
((Carlos.Mendez@thomsonreuters.com))