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MarketScreener Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  Gansu Gangtai Holding Group Co Ltd    600687   CNE000000487

GANSU GANGTAI HOLDING GROUP CO LTD (600687)
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2016GANSU GANGTAI : China's Gangtai buys Italian jeweller Buccellati
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Gansu Gangtai : China's Gangtai buys Italian jeweller Buccellati

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12/23/2016 | 03:33pm CEST
Maria Christina Buccellati, head of communication of jewellery house Buccellati, poses in her office in Paris

MILAN (Reuters) - Italian private equity firm Clessidra said on Friday it has agreed to sell an 85 percent stake in high-end jeweller Buccellati to Chinese conglomerate Gangtai Group.

The Buccellati family, who in 1919 founded the jeweller famous for its ornate, lace-like creations, will retain a 15 percent stake.

A source familiar with the deal said the acquisition gave Buccellati an enterprise value of 270 million euros (230.31 million pounds) or 6.6 times its revenues.

The source said Clessidra had not been able to reach an accord with Cartier owner Richemont <CFR.VX> after discussing a possible sale of a controlling stake in Buccellati to the Swiss group.

Clessidra, which recently changed hands and is now owned by Italy's Pesenti family following the death of its founder, bought a 67 percent stake in Buccellati in 2013.

It said Buccellati's revenues had risen 60 percent since then.

Mediobanca advised Clessidra and Buccellati on the deal.

(Reporting by Valentina Za and Massimo Gaia; Editing by Adrian Croft)

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2016GANSU GANGTAI : China's Gangtai buys Italian jeweller Buccellati
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Managers
NameTitle
Rui Jun Zhao General Manager & Director
Jian Gang Xu Chairman
Hai Tao Huang Chief Financial Officer
Feng Zhou Vice Chairman
Xian Chen Li Director
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