Merloni Reduces Stake in Faber Factor Dec 1, 2004

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The Board of Directors of Italian appliance maker Merloni Elettrodomestici announced that it will sell 40 percent of its stake in Faber Factor to Fineldo. The sale reduces Merloni's interest in the factoring company to 10 percent, which the company said it no longer deems "of strategic importance."

The share transfer will be made by Dec. 31, 2004. Merloni said the price of 4.2 million euros (approx. U.S. $5.6 million) is less than the value of the shareholding in the consolidated financial statements and was determined on the basis of an appraisal by independent advisors Deloitte Financial Advisory Services using the discounted earnings method.

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