Fiat, Mediobanca plan public Snia sale
Article Abstract:
Fiat SpA and Mediobanca will sell a 56% stake in Snia BPD SpA, an industrial holding company, to the public. Snia will sell 46% of Snia and retain the remaining 1% it owns, while Mediobanca-controlled company, Spafid, will sell around 10% of Snia and keep the remaining 1% it owns. The two companies will offer the stake to retail and institutional investors by the end of June 1998 in a public offering and private placement. The sell off is likely to raise 1.04 trillion lire, or $599.1 million, based on a 2,665 lire per share price of Snia. Snia is involved in bioengineering, specialty fibers and chemicals. The company had 150.9 billion lire in net profit in 1997 on sale of 2.85 trillion lire.
Comment:
Will sell its 10% stake in Snia BPD SpA as part of the 56% stake to be sold in a public offering and private placement
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Benetton heir finds investing suits him well
Article Abstract:
Benetton SpA's heir apparent, Alessandro Benetton, is one of the many investment bankers and venture capitalists who put up shops in the bel paese to finance Italy's myriad of family-operated small and medium-size businesses. In Italy, the number of these kinds of investments rose 18% in 1997 to 234, with value increasing to almost ILr1.2 trillion, noted by the European Venture Capital Association. In 1997, Italian venture capitalists' fund-raising also rose substantially following the entry of new players in the market. Benetton is the CEO of 21 Investimenti SpA, which is an Italian investment firm.
Comment:
Its heir apparent, Alessandro Benetton, is an active player in the country's investment banking & venture capital industries
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Fiat, Renault will merge their foundry operations
Article Abstract:
Teksid SpA, Fiat SpA's foundry business, will unite with Renault SA's own foundry operation, AT Systemes. The merger, the second linkup between the two parent firms in 1998 following a joint venture deal in May 1998 that consolidated their bus-manufacturing businesses, will create a new foundry operation that will have annual revenues of 11 billion French francs ($1.96 billion). The new company, which will retain the Teksid corporate name, will be 66.5%-owned by Fiat and will have over 14,000 employees.
Comment:
Will unite with Teksid SpA, Fiat SpA's foundry business
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Unipac banks on LCD plant. Sunplus stock surge on Furby fad may be overdone
- Abstracts: Russia to cut Rosneft sale price to lure buyers to country's biggest privatization. Despite talk, Yukos says Sibnet merger is still on
- Abstracts: Credit Lyonnais plans to reduce loan portfolios, not sell units. France to sell 75% of Credit Lyonnais
- Abstracts: Synthelabo, Monsanto unit alter deal. French drug duo looks to next deal; Sanofi and Synthelabo seek expansion in U.S