MILAN — Consob, Italy’s equivalent of the Securities Exchange Commission, has given Benetton Group’s parent company Edizione Srl the green light to proceed with the tender offer of 25.15 percent of Benetton shares at 4.60 euros, or $6.06 at current exchange, each. The process kicks off today and will run until March 30.
In February, the Benetton family said that its Edizione holding company was planning to launch a tender offer and delist the Italian clothing and textile manufacturer with the goal of taking the company private. Benetton, which went public in 1986, is a small part of Edizione’s holdings that range from highway catering and communications to real estate and agriculture.
Edizione, which controls 67.08 percent of Benetton Group, attributed this move to a rapidly evolving backdrop. Taking into account the markets’ volatility, it said a “delisting could supply management with the flexibility required in the medium and long term to implement the necessary actions to face the challenges derived by a changed competitive context.”
The Benetton brand was launched in 1965 by Luciano Benetton and his siblings Giuliana, Gilberto and Carlo.