A few more tweaks to the structure of the extended Benetton family. In particular, the upstream structures of Edizione, the Benetton family holding company at the head of a portfolio of investments worth over 13 billion in value, are changing. According to what appears to Milano Finanza, box Proposal, which holds 20% of the Ponzano Veneto safe which belongs to the family branch of Carlo Benetton (who passed away in 2018), began work to achieve an asymmetric split and the establishment of three new companies.
Besides simplify succession mechanisms to the third generation, the rationale of the operation, as stated in the demerger plan, is "to allow each of the distinct family groups members of the demerged company to pursue their own entrepreneurial strategies autonomously and independently", in some cases close to the world of agro-industry. Last April, the cousins of Gilberto and Giuliana's branch had created the new Revo holding for the management of financial investments on the one hand and real estate investments on the other.
The creation of three newcos and equal division of assets
Two parallel moves. On the one hand Luciano, Giuliana, Gilberto and Carlo Benetton, founders of the group, had shared the capital of Edition equally, constituting four personal vehicles (Research, Evolution, Direction and Proposal). On the other Carlo's four children, born from two different marriages, created three srl. In reality there is a fourth, the result of the transformation of Proposta spa. Proposal First, Proposal Second and Proposal Third are therefore born which will see the division in equal parts of the assets mainly made up of 20% of Edizione (2,5 billion according to the NAV value at the end of 2022), the 220 million in properties received last year from Edizione Property, plus other shareholdings including the control of two agricultural companies (Cirio and Altopascio ).
Division of assets and monetary compensation
In total there are around 700 million each, MF reports. Furthermore, after the death of their father, the four brothers have further shares in Edizione (1,25% for each). Originally it was that 20% of the Ponzano safe not distributed to the founders' personal boxes. To allow an exact distribution of the value of the assets are provided monetary compensation between the four srl. The first proposal is made by Carlo's eldest son, Massimo (57 years old); Proposta Seconda (which will change name to Proposta Quinta) instead to Andrea (55 years old); Third Proposal to Christian (53 years old); while - post-split - the original Proposta safe will remain with the newest addition, Leone (40).
No changes to the governance of the safe
The creation of four distinct companies, each a member of Edizione, will not lead to changes from the point of view of control and governance of the safe chaired by Alessandro Benetton, given that by statute each branch can express a maximum of two directors. A similar operation had already been carried out at the end of 2021 by Giuliana Benetton's branch, with the split of Evoluzione in favor of Evoluzione 1 (to her daughter Paola Bertagnin Benetton), Evoluzione 2 (to Franca), Evoluzione 3 (to Daniela), Evoluzione 11 (to Carlo). The division will become effective at the end of 2024, provided that the relevant entries in the business register arrive by 31 December.
