RINASCENTE BUYOUT: Italy’s Agnelli family and French supermarket chain Auchan SA want full control of food and clothing retailer La Rinascente SpA. The two have offered to buy up the 41.4 percent of Rinascente they don’t already own, which would cost $720.5 million, and delist Rinascente shares from the Milan stock exchange. (Dollar figure is converted from the euro at the current exchange rate.) The acquisition will give greater freedom in managing “agreements and financial and industrial alliances,” Auchan and the Agnellis said in a statement from their jointly held holding company, Eurofind. Rinascente is one of Italy’s biggest retailers and owns the lower-priced Upim chain.
This story first appeared in the October 8, 2002 issue of WWD. Subscribe Today.