Tod's (slightly) exceeds the price of the takeover bid launched by Diego Della Valle on the stock exchange. And it is worth remembering that on June 18, 2021 the Tod's title, at the height of the Chiara Ferragni effect, reached a price of 63,85 euros, almost double the 32 euros recorded in April, when the entry of the blonde influencer on the board of directors of the Marche company was announced.
Stock market, Tod's slightly exceeds the takeover bid price
These numbers partly explain the relative disappointment of shareholders in the face of theoffer from the Della Valle family: 40 euros per Tod's share on the Stock Exchange against 33,4 at the quotation on Tuesday 2 August. An advantageous offer, judging by the rise of 20% plentiful, but not too much, as demonstrated by the fact that the quotations stood at 40,24 euros, a thread above the price of Tod's takeover bid on the Stock Exchange, offered to minorities in the hope of a raise. Among other things, a price equal to that of the IPO of the year 2000. But in recent months the stock has slipped to very low levels: 28,42 euros on 5 July last, much less than half of what was paid on the occasion of the entry of the influencer, whose magic touch didn't work this time.
Opa Tod's, Lvmh not accepting the offer
Remains of the game, however, lvmh is will not accept the offer voluntary public investment of the Della Valle family by keeping that 10% which is a possible mortgage in the event of the sale of the majority of the group which is not yet to come. Indeed, as already happened at the time for the Benetton group, the withdrawal of the share from the list was motivated by the "willingness to invest for the relaunch of the group, with a medium-long term objective not compatible with the pressure on short-term results" . A goodbye, in short, that has the flavor of a farewell.
Borsa, Milan is flat in the middle of the day
Piazza Affari watches with relative indifference the new setback of the Milanese price list, a few days after the announcement of the next one exit of Exor: the main index at 12 is practically flat +30%, supported by the good behavior of bpm, Bper e Finecobank after the accounts. So too spread is down to 216 points.
But it is evident that the umpteenth exit burns. Also because it is a new blow to the Milanese square's ambition to establish itself as a hub for financial analysis in the luxury sector. Although subordinate to Paris, the capital of Euronext on which Borsa Italiana depends, a province of the empire that is important for fixed income, thanks to the MTS list, and certainly promising for small and medium-sized enterprises to start up on the EGM market. Meanwhile, however, the exodus from the main index in Milan is picking up speed.
Borsa, after Exor the exodus from the Italian Stock Exchange continues
Business Square it was worth more than 2,20% of the world stock market in 2005. Today, before the next releases, just 0,53%. Practically, the Italian Stock Exchange has become marginal. And this marginality pushes those who are already listed to look around, while it keeps those intending to be listed or looking for a new place in which to trade the stock away.
Piazza Affari is like this less and less representative of the reality of the Italian economy, starting from the most dynamic realities and therefore more attentive to the possible sources of financing. At the beginning of the 51s, capitalization in Piazza Affari reached 2008% of GDP, today it has fallen to less than a third and has yet to recover the losses caused by the financial crisis of 09-XNUMX.
The feeling is that, financially, Italy slipped into the bottom positions. The hope of developing the square, as hoped at the turn of the new millennium by Tomaso Padoa Schioppa, has now faded. The result is also the decline of employment in the City of Milan: Italy, an important market for asset management, is more than ever dependent on research.
Borsa, the other companies considering the delisting
And the prospects are not cheerful. After the announced exit of Exor, a decisive step in the divorce between the Agnelli group and the Italian stock market, it is Autogrill's permanence at high risk, started to merge into the Swiss Dufry, listed on the Swiss stock exchange. And it is not excluded that Mediaset, now established in Amsterdam, is starting to follow the example of Exor. Meanwhile, the hypothesis of a dual listing of Essilor Luxottica, today listed are in Paris.
In short, a real escape. Even if it could contribute to fleshing out the price list Prada: Patrizio Bertelli, faced with the problems in Hong Kong, could sail towards the home price list. Without forgetting the quotation of Fullness, the Eni registration number which, sooner or later, will be re-presented on the Milanese square. Too little: after the release of Tod's, morale is really in the lurch.
Della Valle is a buffoon