Newlat Group S.A. completed the acquisition of 20% stake in Centrale del Latte d'Italia S.p.A. for €7.3 million.
July 29, 2020
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Newlat Group S.A. launched a tender offer to acquire 52.4% stake in Centrale del Latte d'Italia S.p.A. (BIT:CLI) for €19.6 million on April 1, 2020. In related transaction, Newlat Group S.A. signed a letter of intent to acquire 46.24% stake in Centrale del Latte d'Italia S.p.A. (BIT:CLI) from Finanziaria Centrale Del Latte Di Torino S.p.a, Lavia, Luigi Luzzati, Marco Fausto Luzzati, Carla Luzzati and Sylvia Loew. As per the transaction, Newlat Group S.A. will acquire the share of Centrale del Latte d'Italia S.p.A at an offer price of €1 and 0.33 Newlat Food ordinary shares for each CLI share. Completion of the transaction is subject to approval from Commissione Nazionale per le Società e la Borsa (CONSOB). As of June 25, 2020, the transaction was approved by Newlat shareholders in their extraordinary general meeting. As of July 3, 2020, the transaction was approved by CONSOB. On the basis of the provisional results, 2.8 million ordinary CLI shares were in acceptance of the Offer, representing 20.02% of the Issuer's share capital. The provisional results, if confirmed, result in the Offeror's failure to achieve a stake of more than 90% of the Issuer's share capital. Therefore, as of today, the conditions required for the purchase obligation pursuant to art. 108, paragraph 1 of the TUF, of the Purchase Obligation pursuant to art. 108, paragraph 2 of the TUF or the Purchase Right are not met. The transaction is expected to completed by July 24, 2020. Banca Akros S.p.A., Equita SIM S.p.A. and UBI Banca S.p.A. were appointed as Newlat Food’s financial advisors for the transaction while BonelliErede acted as legal advisor.
Newlat Group S.A. completed the acquisition of 20% stake in Centrale del Latte d'Italia S.p.A. (BIT:CLI) for €7.3 million on July 30, 2020. Newlat Group S.A. acquired 2.8 million shares in the offer and with already owned 6.7 million shares and upon completion holds 9.5 million CLI shares representing 67.59% stake.
Centrale del Latte d'Italia SpA, formerly Centrale del Latte di Torino & C SpA, is an Italy-based company engaged in the dairy products sector. The Company deals with the processing, transformation and sale of milk and dairy products. The Company offers packaged products in the fresh and ultra-fresh, and fresh vegetables. Its productâs portfolio encompasses fresh pasteurized milk, ultra-high temperature processing (UHT) milk, yogurt, creams, fresh pasteurized and UHT cream, fresh-cut products, including vegetables and fruits, as well as other packaged products. Its offer consists of salads, juices, desserts, eggs, butter, fermented milk using acidophilus and bifida, and a range of pastas and cheeses, among others. Production is carried out in production units located in Turin, Casteggio (Pavia), Bardineto (Savona), Vicenza and Rapallo (Genoa). The Company operates through Latte Rapallo SpA, Centrale del Latte di Firenze Pistoia Livorno SpA, and Centrale del Latte di Vicenza SpA.