MILAN — Four months after the launch of a takeover bid with the goal to delist the namesake firm through the holding company Leading Jewels, the Damiani family is once again the sole owner of the group. The Italian Bourse has arranged for shares to be suspended from trading on April 24 and 25 and then revoked starting on April 26.
Owning 96 percent of shares, the Damiani family’s squeeze-out will take place on April 26, buying out the remaining shares at 0.85 euros each.
Damiani was first listed in 2007.
Asked for the reasons behind the delisting, president Guido Damiani told WWD last month that his family wanted to “invest in the long term and the markets expect immediate returns, which turns into a misalignment between us and the shareholders.” The family is planning to consolidate the group’s expansion set in motion over the past few years.
In addition to its namesake label, the company has invested in jewelry firms Salvini, Rocca, Calderoni and Pomellato, which is now controlled by Kering. In 2016, the Damiani family acquired a majority stake in the Venini company, known for its colorful and artistic glass designs, and a leading firm in Murano, the glass production hub in Venice’s lagoon. The acquisition, whose financial terms were not disclosed, was part of the Damianis’ strategy to invest in and develop historic luxury brands.
The group closed the fiscal year ended March 31, 2018, with a net loss of 4 million euros, compared with a loss of 5.5 million euros in the previous year, on sales of 164 million euros, a 1.6 percent increase. At constant exchange rates, revenues grew 3.1 percent.