The Lazio Regional Administrative Court has suspended the resolution with which Consob imposed an increase in the price ofTakeover bid by Lauro Sessantuno on Camfin. The decision is provisional: the hearing on the merits has been set for November 20th. The appeal had been filed by the newco, which took over the Camfin group from the Malacalzas. Lauro Sessantuno is owned by Marco Tronchetti Provera, Clessidra, Intesa Sanpaolo and Unicredit.
On 3 October, the TAR had already issued a pre-precautionary ruling, suspending the Commission provision which raised the price of the takeover bid from 0,80 to 0,83 euro, arguing that this would be the countervalue collected by the Malacalzas for the sale of the its Camfin shares, thanks to the discount purchase of Pirelli shares from Allianz and Unipol.
The Consob sentence remains frozen until 20 November: therefore, pending the definitive sentence, the price of 0,80 euro will be applied. By 18 October, the shares that will be tendered in the takeover bid between 7 and 11 October on the occasion of the reopening of the offer imposed by Consob must be paid. However, Lauro61 has already set up a restricted fund for the surcharge. The last resort could be the appeal to the Council of State.
By mid-morning, the Camfin share on the Stock Exchange dropped 1,4%.
