Splash of Prelios on the Stock Exchange after the announcement of the exit from the scene of the Chinese of Cefc. The title loses 3,34% at 10:40 after Intesa Sanpaolo, Pirelli & C, Unicredit and Fenici, in a joint statement, rejected the Chinese offer on 44,86% of Prelios at a price of 0,116 euros per share in favor instead of that of Burlington of 0,105 euro.
The four sellers, with a statement released on Monday morning, communicated to the market "they will not proceed with the CFC Offer, also in consideration of the fact that it is not accompanied by bank documentation certifying the availability of financial resources for the payment of the offered price and provides for additional conditions precedent to those provided for in the Burlington Contract as well as terms such as not to involve the activation of the procedure which, in the absence of an increase in the purchase price by the Buyer, gives the Sellers the right to withdraw from the same contract paying the amounts specified therein".
In practice, the four sellers judge the Chinese offer to be less reliable and secure than the one presented by Burlington and for this reason they have chosen the latter. On 26 July the contract was announced between Burlington Loan Management DAC, on the one hand, and Pirelli, Intesa Sanpaolo, UniCredit and Fenice on the other. The sale, by a new company incorporated under Italian law wholly owned, directly or indirectly, by Burlington, provides for the transfer of the 611.910.548 Prelios shares held by the sellers, at a price per share of 0,105 euro.
