Eco-leather maker Favini files for Italy listing
MILAN, July 4
MILAN, July 4 (Reuters) - Italian eco-leather and special paper maker Favini has filed for a listing on the Milan stock exchange in a move that will bring resources to help it expand in the luxury and fashion markets.
In a statement on Friday, the company said it will offer new and existing shares to qualified investors in Italy and to institutional investors abroad in a deal coordinated by Intermonte and Banca IMI.
Favini, whose roots date back to 1736 when its owners converted a mill in Italy's Veneto region into a paper factory, is now 62 percent owned by Luxembourg-based fund OI-Paper. France's Credit Agricole owns 21 percent, while 13 percent is held by Lacim and 4 percent by its management.
In an interview with Reuters in May, CEO Andrea Nappa said Favini aimed to have more than 50 percent of its capital listed by the end of September, making the company a possible takeover target. He said funds raised in the offering could be used to make acquisitions.
In 2013 the company had gross revenue of 161.9 million euros ($221 million) on a pro forma basis including the acquisition of assets from its French rival Arjowiggins. ($1 = 0.7331 Euros) (Reporting by Danilo Masoni, editing by David Evans)