There is a document online dated “31 September 2023” addressed to Piaggio shareholders: an offer of 3.5 euros per share in a supposed takeover bid which Consob urgently blocked considering it abusive. The so-called offer dated 31 September proclaims itself to be “at a premium” on 31 October
2′ reading
A text in Italian and English is circulating on the Internet that violates the calendar. It is dated “31 September 2023” and is addressed to Piaggio shareholders offering to pay 3.5 euros per share (against the latest stock market prices of around 3 euros) in a supposed takeover bid which Consob urgently blocked considering it abusive. It goes without saying that the Vespa company knows nothing about it and even less so does Consob, to which no offer document was submitted, as required by article 102 of the Consolidated Law on Finance.
Random data
«Consob – we read in a press release from the Market Authority – has ordered the temporary cessation for a period of thirty days, pursuant to art. 187-octies, paragraph 6, letter. a), of the Legislative Decree. n. 58/1998, of the public purchase offer of the ordinary shares of Piaggio & CSpA promoted by JSC Handel Gruppe Sas also through the web pages and in violation of the art. 102, paragraph 1 of the same decree. LinkedIn Ireland Unlimited Company was also asked to remove from the web pages and, attributable to Mr. Pierluigi Di Cieri, the illicit contents present within them and in particular the document in “.pdf” format published therein entitled “Letter of Offer to Piaggio & Co. SpA” as they constitute a means of promoting the abusive activity”.
Between Opa and counseling for couples
JSC Handel Gruppe, although calling itself an international financial services company in incorrect German, indicates its registered office in Buti, a municipality in the Pisa area, a dozen kilometers from Pontedera, where Piaggio has its headquarters. In the offer letter JSC proposes to acquire a controlling share of Piaggio, a condition that would be unachievable without the participation of Immsi – a listed company owned by the Colaninno family – which has more than 50% in its portfolio. The conditions are also all extravagant. There is talk of an offer price of 3.5 euros which would represent a “20% premium on the closing price on 31 October 2023”: you need to have a crystal ball to know the stock market prices twenty days in advance. The shares should be owned on October 31st, but the takeover bid would end on November 30th: the meaning of it is not clear. The purpose would be to “support the strategic plan, improve operational efficiency and exploit synergies with the provider’s other activities”, which, from what appears on the JSC website, concern consultancy for teachers, couples, companies and sports clubs. What synergies?
Now the suspension ordered by Consob will expire in 30 days and the process will end with a definitive ban on abusive solicitation, which seems more like a joke than anything else.
Antonella Olivieri
envoy
View on ilsole24ore.com
2023-10-10 18:59:10
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