MILAN — After a more than $300 million payday shared with his brother from the sale of 3 million Tod’s SpA shares, chairman Diego Della Valle has reduced his stake in the luxury goods company to almost 56.8 percent from 64.8 percent.
A statement to Consob, Italy’s stock market watchdog, said Della Valle’s financial vehicle Di Vi Finanziaria Sapa holds about 53.7 percent of the shares, while another entity, Diego Della Valle & C. Sapa, holds nearly 2.3 percent.
Andrea Della Valle, vice chairman of the company, has reduced his shares in Tod’s to just under 0.9 percent from about 2.8 percent.
The company said 12 private investors, led by Alessandro Proto Consulting, a financial firm based in Lugano, Switzerland, has taken a 2.9 percent stake in Tod’s in a placement conducted by Italy’s merchant bank Mediobanca.
Last week, the Della Valle brothers asked Mediobanca to place about 10 percent of Tod’s capital on the market, preceding Tod’s entrance in the FTSE MIB index, the primary benchmark index for the Italian equity market, on Dec. 20. The FTSE MIB index allows greater visibility and faster negotiations. The transaction netted the Della Valle brothers 232.5 million euros, or $305.7 million at current exchange, as Mediobanca completed the sale at the price of 76 euros, or $99.5 at current exchange, a share, through an accelerated book-building offer.
The Della Valle family remains the company’s largest shareholder. Other key shareholders include LVMH chief executive officer Bernard Arnault, through Delphine Sas, which holds an almost 3.5 percent stake, and Oppenheimerfunds Inc., which holds a 5.6 percent stake.
Tod’s SpA is parent to the Tod’s, Hogan, Fay and Roger Vivier brands. Tod’s SpA shares closed Tuesday at 77.45 euros, or $101.8 at current exchange, up 2.45 percent.
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