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government-trade

Safilo CEO Vedovotto to Stay

Vedovotto likely to retain job after acquisition by Hal Holding.

MILAN — Safilo Group SpA chief executive officer Roberto Vedovotto looks set to retain his job if Dutch shareholder Hal Holding NV’s bid to take a controlling stake in the Italian eyewear firm is successful.

In ads placed in Italy’s main financial dailies Thursday, Safilo said Hal would propose Vedovotto for the role when Hal and Vedovotto present to shareholders a list of candidates for Safilo’s board.

Safilo approved a recapitalization plan on Oct. 19 that would see Amsterdam-listed Hal inject new equity and pay off some of the eyewear maker’s debts in return for a stake of between 37.23 percent and 49.99 percent. Hal currently holds a 2.08 percent stake in Safilo.

The deal is subject to an acceptance threshold by bondholders of at least 60 percent on Hal’s cash tender offer, as well as regulatory approval, and should be completed in the first quarter of 2010.