The Benetton family, which is undergoing the transition from the first to the second generation and is looking for a new one to guide it in the next investments, has approved the maxi recapitalization of 4 billion, but has chosen not to underwrite it, not even reinvesting the proceeds of the rights resulting from the own quota.
Moral: if, as expected, the increase will always be fully sold out, the edition share should be diluted to 13%. However, the investment bank Goldman Sachs should take over the rights put up for sale by the Benetton family and subscribe for the stake. The intervention of Goldman in place of the Benettons, managers and some historical financial partners such as Aida and Gic, in fact guarantees the success of two fifths of the capital increase, the rest of the shares will be offered on the market at the price of 39, 5 €.
The curious thing is that a few weeks ago Edizione had received an offer to sell the entire share of Cellnex to an infrastructure fund for 1.7 billion, but the Benettons had declined the offer by choosing to remain in Cellnex. Obviously in a delicate moment and waiting for the affair of Atlantia / Aspi to be clarified, the Venetian family wants to wait for the future of its greater investment to be clarified (Atlantia is worth more than half of the Benettons’ assets) before returning to investing.-
