Berggruen says interested in Safilo
* Berggruen president says sent Safilo proposal letters
* Says not had warm response
* Could invest directly or merge it with FGX International
(Adds more quotes, background, shares)
By Marie-Louise Gumuchian
MILAN, July 14 (Reuters) - Berggruen Holdings is interested in investing in Italian eyewear maker Safilo (SFLG.MI) and has sent it proposal letters but has not had a warm response, the investment firm's president said on Tuesday.
Safilo, which makes eyewear for brands like Gucci and Dior, is in talks to find a partner to strengthen its balance sheet, which showed a net debt of 618 million euros at the end of March.
"We've approached the company and sent them a couple of letters. We are ready and happy to provide the financial strength," Nicolas Berggruen told Reuters in a telephone interview.
Berggruen said that he had met with one of Safilo's banks as well as Safilo Chief Executive Roberto Vedovotto but not with the controlling Tabacchi family.
"We haven't had, let's say, a warm response," he said. "We would be delighted to meet with the Tabacchi family and we would only do this in conjunction with management and with the Tabacchi family and with the banks."
"By definition it has to be a constructive and friendly transaction otherwise it won't work."
Private equity funds Bain Capital and Pai Partners are in the running for a stake in Safilo, two sources close to the operation have told Reuters.
Shares in Safilo were suspended limit up most of the day after Berggruen told an Italian newspaper of his company's interest. They closed up 21 percent at 0.41 euro.
FGX AN OPTION
He told Reuters that the investment firm understood Safilo's business and the industry, and could, if appropriate, bring in glasses and sunglasses maker FGX International (FGXI.O).
Berggruen is the biggest shareholder FGX International (FGXI.O) with just under 33 percent, according to Reuters data.
FGX, a designer and marketer of non-prescription glasses and sunglasses in North America, says it is the global leader in sunglasses costing under $30.
Berggruen said FX has an equity value of over 200 million euros and debt of about 80 million euros.
"The most logical would be a merger ... FGX could really benefit from the distribution of Safilo in Europe and in Asia and Safilo ... for its mass market products could benefit from FGX's strength in the U.S," he said, underlining that he was speaking only on behalf of his investment vehicle and not FGX.
"The other way would be that Berggruen Holdings just invests money in Safilo to strengthen Safilo or it could be a combination of both -- Berggruen and FGX strengthening Safilo." Safilo declined to comment.
When asked how much Berggruen could invest in Safilo, he said: "That is an answer that is hard to give because we haven't had the chance to do due diligence yet."
Earlier this month sources said Safilo, which recently secured a delay for a debt payment from banks, could bring on board private equity and industrial partners to help solve financial worries.
"We're happy to work with existing management, existing ownership so we don't need to make dramatic changes ... We would leave the operating side as is," Berggruen said.
"We will do it if at the end of the day we are invited in. If we are not invited in, then too bad for them, too bad for us."
(Editing by Karen Foster)
((Milan newsroom +39 02 6612 9507, fax +39 02 801 149, milan.newsroom@reuters.com)) Keywords: SAFILO BERGGRUEN/
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