Buyouts still on the wane

Article Abstract:

Buyout deal value in Italy is expected to have risen to approximately 405 million pounds sterling in 1996, emulating the record high achieved in 1993. The market is not expected to grow significantly in 1997, partly because a large proportion of the growth in 1996 is accounted for by a number of major deals such as the L413 billion leveraged buyout of Ducati. Deal value fell to 175 million pounds sterling in 1995. Management buyouts are the most common form of buyout transations in Italy. Venture capital companies could benefit from the increasingly competitive economy.

Column, Leveraged buyouts

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Flattering to deceive

Article Abstract:

The Italian management buyout market has failed to meet predictions of a surge in activity, and indeed 1994 failed to match the strong growth seen in 1993: the number of deals fell from 31 to 22 in 1994, with the value falling by 15% to 345 million pounds sterling. The disappointing development of the Italian buyout market is attributed to factors including an underdeveloped stock market, a low level of M&A activity, and an adverse legal and tax system.

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Flattering to deceive

Article Abstract:

The value of management buyouts in Italy fell by 15% in 1994 from 1993 to 345 million pounds sterling, with the number of deals down to 22, from 31. The Italian buyout market has failed to live up to expectations, possibly because of the country's inflexible financial system and a low level of merger and acquisition activity. The market has potential, but may take some years to develop.

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