Safilo soon to be listed on Milan Stock Exchange

According to reports published by Il Sole 24 Ore, the Safilo Group is ready to return to the Stock Exchange.

The Group has already filed the schedule with Consob and Borsa Italiana and all that is needed is authorization by the relevant authorities.

The operation's joint Global Coordinators should be Merrill Lynch International, UBM and Banca IMI (the latter two are also sponsors) with Credit Suisse First Boston acting as advisors to sellers; it should be a public underwriting and purchase offer at the end of which group Chairman Vittorio Tabacchi will maintain the absolute majority.

Currently, 54.67% of the shares in the company is held by the Tabacchi family through Only 3T and a trust company. The remaining 45% is held by Credit Suisse First Boston private equity through four companies in Luxembourg. The fund should cover the public purchase offer, although it is not yet clear if the entire share will be divested.

The aim seems to be to start bidding by the end of the year or by the first half of 2006 at the latest. The value of the offer, again according to the reports, is somewhere between 700 million and one billion.

(Source: Il Sole 24 Ore)