Italian glass group Glass Italy will sell its 99.8% stake in local financial holding company Bormioli Finanziaria to Italian sewing machines maker Necchi, following approval from the Glass Italy board…
Italian glass group Glass Italy will sell its 99.8% stake in local financial holding company Bormioli Finanziaria to Italian sewing machines maker Necchi, following approval from the Glass Italy board. Bormioli Finanziaria owns 52.3% of Italian glass producer Bormioli Rocco e Figlio S.p.A. The operation will be carried out through the subscription of a capital increase, launched by Necchi and reserved for Bormioli Finanziaria. The move follows the incorporation of Bormioli Finanziaria into Necchi, which was carried out at the end of September 2004. Italian merchant bank Efibanca is advising on the sale of Glass Italy“s stake in Bormioli Finanziaria. Necchi decreased its consolidated net financial debt to EUR 22.8 million (USD 30.3 million) on 30 November 2004 from EUR 28.6 million (USD 38 million) at the end of October 2004.