Fine Foods & Pharmaceuticals N.T.M. S.p.A. (BIT:FF) signed a binding agreement to acquire a 72.9% stake in Euro Cosmetic S.p.A. (BIT:EC) from Findea's Srl and MD S.R.L. for €26.8 million.

Fine Foods & Pharmaceuticals N.T.M. S.p.A. (BIT:FF) signed a binding agreement to acquire a 72.9% stake in Euro Cosmetic S.p.A. (BIT:EC) from Findea's Srl and MD S.R.L. for €26.8 million on September 21, 2021. Fine Foods will acquire 38.7% stake from MD S.R.L. at a price of €8.13 per share for a total of €15 million and 34.2% stake from Findea's Srl at a price of €7.25 per share for a total of €11.8 million. Post transaction, Fine Foods will launch a mandatory takeover bid to acquire remaining 27.1% stake in Euro Cosmetic S.p.A. at a price of €8.6 per share.

The transaction is aimed at delisting Euro Cosmetic S.p.A. The transfer of the Shareholdings is subject to the usual conditions of these transactions and should be completed on October 8, 2021.