The day of the delisting has arrived for Yoox Net-à-Porter, which starting today, June 20, will leave the Milan Stock Exchange and General Electric, which on June 26 will say goodbye to the Dow Jones after more than a hundred years.
THE DELISTING OF YNAP
The Yoox Net-à-Porter stock disappears from Piazza Affari. The shares are no longer listed on the Mercato Telematico Azionario, after being suspended from trading in the sessions of 18 June and 19 June, following the completion of the takeover bid promoted by Richemont on the e-tailer led by Federico Marchetti.
The Swiss luxury giant has acquired 98,394% of the Italian company, thus exceeding the quota that allows the residual tender offer (article 111 of the Tuff).
We recall that last January, Richemont put 2,86 billion francs on the plate, equal to approximately 2,5 billion euros, by launching a total takeover bid at 38 euros per share with a 25,6% premium compared to the closing Friday 19 January and a premium of 27% on the weighted average price for the three months, to acquire total control of Ynap. Three years ago, in 2015, the Geneva-based group merged its Net-a-Porter subsidiary with the independent Italian company Yoox, to form Ynap, of which it held 50%.
With Yoox Net-à-Porter he left our country another big shot of Italian luxury. From 1999 onwards, Italy has in fact seen the disappearance of fashion houses of the caliber of Gucci (acquired by the French multi-billionaire François Pinault), Valentino, bought by the Mayhoola fund owned by the Qatari royal family, and Krizia.
However, excellences such as Prada, Cucinelli, Armani, Dolce and Gabbana, Moncler, Tod's, Ferragamo, Damiani, etc. remain to defend the primacy of Made in Italy. We certainly can't complain.
GENERAL ELECTRIC'S FAREWELL TO DOW JONES
Effective June 26, after more than 30 years at the top of the Dow Jones, General Electric will give way to Walgreens Boots Alliance. The exit from the blue chip list represents the umpteenth stage of a decline that the historic US industrial giant has been facing in recent years. An epochal moment when one considers that General Electric was one of the 1896 original members of the Dow Jones in XNUMX.
“We are focused on executing the plan we presented to improve our performance,” a Ge spokesperson said. “The announcement doesn't change our commitment and focus on building a stronger Ge,” he adds.
