MILAN — Textile and clothing manufacturer Marzotto SpA and former Valentino Fashion Group SpA chairman Antonio Favrin are joining forces once again to take control of the historic Italian silk maker and print specialist Ratti SpA.
Under the terms of the deal, which should be approved by yearend, Marzotto and Faber Five Srl, controlled by Favrin, will buy 66.7 percent of Ratti for 20.8 million euros, or $30.6 million at current exchange rates. Current chairman and chief executive officer Donatella Ratti, daughter of founder Antonio Ratti, is expected to retain between 16.5 and 23 percent of the shares and her position as chairman. A capital increase of 25 million euros, or $36.8 million, and a 30 million euro, or $44.1 million, restructuring plan are expected to take place under the new owners. The capital increase should be effective within the first quarter of 2010.
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