Rinascente: a 4 million euro peace deal between Borletti and RU

The story of the tormented sale of La Rinascente to the Thai Central Group is nearing conclusion with a 4 million euro "settlement agreement" between RU, the holding company that owns 96% of the shares in the department store chain, and Tasso srl of Maurice Borletti. The shareholders of RU – Investori associati (46%), Rrreef-Deutsche Bank (30%), Prelios (20%) – have in fact agreed to pay just over 4 million, about the tenth part of what initially requested by the Tasso, thus averting an arbitration on the sale. The payment of money should take place at the same time as the entry of the Thais into the shareholding structure, but the arbitration is to be considered already suspended. The story that pitted Borletti against his partners in Rinascente began in 2010 and started with the accusation launched by Borletti himself regarding some irregularities in the management of the chain and in its transfer to the new Thai owners. The investor claimed to have a pre-emption right which should have allowed him to acquire Rinascente at a 25% discount. An ambition frustrated first by the rich offer from Bangkok (250 million euros, more than the other shareholders hoped to collect) and then, last May, by the decision of the Milan court to reject his appeal against the sale.