Italy's Capitalia Set to Buy Cofiri Bank from Merloni
Nov 17, 2003
 Print this page

Italy's Capitalia bank has announced it will pay 145 million euros to buy 100 percent of merchant bank Cofiri from the Angelucci family and white goods entrepreneur Vittorio Merloni.

Capitalia in a statement said it would buy Cofiri at a 37-percent discount to the merchant bank's forecast net worth on Dec. 31 this year, pending board agreement.

Capitalia said the Angelucci family's Tosinvest group and Merloni's Fineldo were interested in investing 28 million euros in Capitalia's private equity fund MCC-Sofipa Sgr.

Tosinvest and Fineldo, which both hold 40 percent of Cofiri, would also together invest 88 million euros to buy a combined 6 percent of MCC, Capitalia said. It said MCC's total value is seen at 1.46 billion euros. (Reuters)

Back to Breaking News