Esselunga could land at Business Square. This would be the ultimate goal for the large-scale distribution company, the result of an agreement reached in the last few hours among the heirs of the Caprotti family on corporate, patrimonial and succession relations. This is what we learn from financial sources.
Giuliana Albera and her daughter Marina Caprotti own 70% of Esselunga (supermarkets) and 55% of Villata Partecipazioni (real estate), while the children of the first marriage, Joseph and Violet, have the remaining 45%. For now, the latter will not leave Esselunga but they should do so at the time of listing on the basis of a predefined price.
The process to get to Piazza Affari will take time, about two years. In a first stage Esselunga Spa will acquire control of the real estate Villata Partecipazioni and then you should proceed to quotation of Esselunga.
Last Friday Giuliana and Marina Caprotti, in a brief note addressed to managers, middle managers and employees of the Esselunga group had specified that "the company is not for sale", responding to the news on theoffer from 7,3 billion Chinese Yida International Investment. An offer that will remain valid until July 7th. An official communication is possible during the day.
Meanwhile, today Supermarkets Italiani spa, the holding company that controls 100% of Esselunga, published its 2016 accounts: net profit is 6,2 million euros. The previous year the holding of the Caprotti family (70% in the hands of Giuliana Albera and Marina Caprotti) and 15% each to Giuseppe and Violetta Caprotti (children from the first marriage) had instead recorded a result of 101,5 million. To determine this diversity the lower contribution of dividends from Esselunga: 10 million in 2016 against 110 million in 2015.
The 2016 financial statements also show the book value of 100% of Esselunga spa, equal to 3.838.867.000 euros (unchanged on 2015) against a shareholders' equity of 2,39 billion: a gap justified by the 'expected profitability of the investee company'.
