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Industrie Zignago: Marzotto boss to attempt takeover

Antonio Favrin, chief executive of Italian fashion and textile group Marzotto, announced 23 May 2005 that he intends to launch a takeover bid for the Italian producer of wine, glass containers and tex…

Antonio Favrin, chief executive of Italian fashion and textile group Marzotto, announced 23 May 2005 that he intends to launch a takeover bid for the Italian producer of wine, glass containers and textiles, Industrie Zignago Santa Margherita, through a vehicle company in partnership with the Dona dalle Rose family. Together Mr Favrin and the family control 37.15% of Zignago. The offer is part of Mr Favrin“s reorganisation plan for Marzotto, which would sell its shares in Zignago. The move is a reversal of a strategy attempted in 2002, when Marzotto announced it would launch an exchange offer for Zignago. However, the opposition of some members of Marzotto“s founding family to the plan, which had been poorly received by the stock market, led to the cancellation of the offer. Those family members still control some 30% of Zignago, casting doubt on a successful outcome to Mr Favrin“s offer. Mr Favrin and his partners will launch an offer for Zignago at EUR 18 per share, below the group“s current market price of EUR 18.40.

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