The stock is down more than 2% on the Piazza Affari Italmobiliare, an investment holding company listed on Euronext Star Milan and controlled by Pesenti family. This morning Cemital Privital Aureliana, the holding company of the Pesenti family, concluded the placement of shares ordinary for1,3% of the share capital to institutional investors through an accelerated bookbuilding process (ABB) at a price of € 27,50 per share. It is one 6% Off approximately on the value of the stock on Monday 11 June (29,25 euros) and in line with the values of Piazza Affari for this type of off-market sales. The stock has risen by approximately 5% in 2024 and above 15% over the last 12 months for 1,24 billion capitalization. UniCredit acted as sole bookrunner for the placement.
Around 11 am on the stock exchange the stock is priced at 28,50 euros down 2,56%. Technical analysts expect a further decline in the stock on the stock exchange towards the support area seen at 27,97 and subsequently at 27,68. Resistance at 29,27.
The generational reorganization: Carlo Pesenti returns below 50%
“The placement is part of the ongoing commitment of the Pesenti family, who have reached the fourth generation, towards the Italmobiliare project" says a note. “In particular, the operation allows the family to concentrate the stake in the hands of the more business-focused branches.” After completion of placement, Cemital continues to hold a share of approximately 47,6% of the share capital and remains the main shareholder of the company. Before ABB, CEO Carlo Pesenti had an aggregate shareholding of 50,37% through Cemital (48,892%), Efiparind e Cie (0,447%) and personally 1,031%. The CEO had acquired shares towards the end of 2023, bringing his stake above 50% of Italmobiliare for the first time in twenty years. Now the structure has returned to previous levels
Cemital has agreed, in line with market practice for similar transactions, a lockup period of 180 days regarding the sale of any residual shares held in Italmobiliare.
