The board of directors of Industrie Zignago S. Margherita (Zignago) gave its broad approval on 11 July 2006 to plans to float the glassworks division of the Italian industrial holding company, with Me…
The board of directors of Industrie Zignago S. Margherita (Zignago) gave its broad approval on 11 July 2006 to plans to float the glassworks division of the Italian industrial holding company, with Medinvest acting as adviser and Banca Imi and UBS as global co-ordinators. The proposed flotation was well received, but formal procedures, such as requests for authorisation from the Italian stock exchange and market regulator Consob, are not yet underway. These procedures could be launched before the end of summer 2006, if market conditions are appropriate. The Zignago Vetro glass business had a turnover in 2005 of EUR 193.5 million and recorded a gross operating margin of EUR 49.7 million. A comparable listed company in Spain, Vidrala, has seen its share price rise 4% since the beginning of 2006.