Brief: Automation Systems To Buy 65% Of Piovan At 14 EUR/Shr

Piovan SpA

19/07/2024 06:25

July 19 (Reuters) - Piovan SpA  PVNA.MI :
    * AUTOMATION SYSTEMS ENTERS AGREEMENT WITH PENTAFIN FOR
ACQUISITION OF 58.35% OF PIOVAN SHARE CAPITAL
    * PENTAFIN, CURRENTLY PIOVAN’S MAIN SHAREHOLDER, SHALL
REINVEST IN
SHARE CAPITAL OF THE PURCHASER WITH A 25%  SHAREHOLDING
    * AUTOMATION SYSTEMS IS COMPANY WHOSE SHARE CAPITAL IS
INDIRECTLY
OWNED BY INVESTINDUSTRIAL VIII SCSP FUND
    * AUTOMATION SYSTEMS TO BUY 31,275,541 ORDINARY SHARES OF
PIOVAN
AT PRICE OF 14 EURPER SHARE
    * CLOSING EXPECTED BY OCTOBER 15, SUBJECT TO AUTHORISATIONS
CONCERNING THE CONTROL ON FOREIGN INVESTMENTS (SO CALLED GOLDEN
POWER)
    * ACQUISITION AIMS AT DELISTING PIOVAN FROM EURONEXT STAR 
MILAN
    * AUTOMATION SYSTEMS TO BUY FURTHER 6.47% OF SHARE CAPITAL
FROM
7-INDUSTRIES HOLDING
    * AT CLOSING AUTOMATION SYSTEMS WILL HAVE OVERALL
SHAREHOLDING
EQUAL TO 64.82% OF THE SHARE CAPITAL OF  PIOVAN
    * NICOLA PIOVAN SHALL CONTINUE TO SERVE AS EXECUTIVE
CHAIRMAN OF
PIOVAN BOARD OF DIRECTORS, FILIPPO ZUPPICHIN TO BE REAPPOINTED
AS CEO


Further company coverage:  PVNA.MI 

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