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The controlling shareholder of La Rinascente SpA said Monday, Oct. 7, that it would make a public offer worth up to euro 735.4 million ($720.5 million) for the 41.4% stake it doesn't already own in the Italian retailer. As part of the plan, Rinascente would be delisted.
Analysts viewed the deal as either a first step toward the breakup of the Rinascente assets or an eventual sale of the stake owned by IFIL Finanziaria SpA - the Agnelli family holding company that is the largest shareholder in the beleaguered automaker Fiat SpA - to the French retailer Auchan SA. The two are partners in Eurofind SA, the controlling shareholder in Rinascente, among Italy's biggest retailers, with annual revenue of more than euro 5.75 billion.
Eurofind said in a statement that the bid...