Negotiations in progress between Be Shaping the Future And Engineeringin Milan the Be title travels against the trend
THE winds of war that blow from the East ballast the European stock exchangesbut a Piazza Affari Be Shaping the Future rides the wave of the latest negotiations, traveling against the trend. To pay the interest of the independent industrial group Tamburi Investment Partners which communicated the signing of a letter of intent for the sale of 43.2% of Wellof which Tip holds 28.3%, a Engineering Computer engineering.
The Italian company is active in the sector oftechnological innovationsoftware production, automation and IT ecosystems, indirectly controlled by private equity funds Bain Capital And Nb Renaissance. Around lunchtime on title salt of 26.14% to € 3.33, after reaching an increase of 26.7% to € 3.345 per share, returning to levels not seen since June 2018.
Over the weekend the Board of Well received from Engineering the request to carry out an activity of due diligence on Well and its subsidiaries. The essential terms of the operation provide for the purchase by Engineering, through a specially constituted corporate vehicle, of approximately 58.28 million shares Well held overall by the sellers at a price of € 3.45 per share and the reinvestment in the holding Italian that controls Engineeringwhich in case of improvement he will indirectly control Wellof 25 million each by Tip and of Stefano Achermann leaves, Stefano Achermann and his subsidiary Innishboffin, and 2 million by Carlo Achermannfor a total of 52 million.
“The price recognized is beyond the 10% above our fundamental assessment. Not seeing any particular risks on the conditions precedent and the finalization of the transaction, we align our target price with the offer price and pass the valuation to hold “, commented the Equita analysts. The agreed price “is around 30% above Friday close and above our target price, so we consider it attractive. The implied evaluation for the 100% of Be would be 465.4 million euros (equity value) “, underline the analysts of Intesa Sanpaolo, which predict “a positive reaction of the stock to the deal and a quick alignment to the agreed price of 3.45 euros per share “.
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