Financiere Tintoretto SA launched a formal process to sell its 69 percent stake in Gruppo Coin, Reuters reporter. PAI Partners SAS of Paris, France is the majority owner of Financiere Tintoretto. Mediobanca SpA and UBS Italia SIM SpA were hired to advice on Financiere Tintoretto on the sale.
(Reuters) – The majority shareholder in Gruppo Coin (GCN.MI: Quote, Profile, Research, Stock Buzz) has launched the formal process to sell its stake in the Italian retailer and expects to choose a buyer by the end of the first quarter, it said on Wednesday.
Financiere Tintoretto SA, majority-owned by private equity firm PAI Partners, has appointed Italian investment bank Mediobanca SpA (MDBI.MI: Quote, Profile, Research, Stock Buzz) and UBS Italia SIM SpA (UBSN.VX: Quote, Profile, Research, Stock Buzz) to advise on the sale of its 69 percent in Coin.
“The selection of a purchaser is currently expected to occur within the first quarter of 2011,” it said.
In September PAI Partners was aiming to sell the stake in Coin by the year-end, a source close to the operation had said. [ID:nLDE68L0JM]
Private equity buyers across Europe have been cited as possible buyers of the stake in Coin, which has a 1 billion euro market capitalisation.
In a separate statement, Coin said it will make information available to potential buyers of the stake.
Coin, Italy’s biggest clothes retailer after its purchase of Upim in January, sees earnings before interest tax, depreciation and amortisation of 200 million euros in the year to Jan. 31, 2011, up 34 percent, it said.
Its 3-year plan for 2011-2013, approved by the board on Wednesday, is based on modest sales growth as it completes the Upim integration, it said.
Coin shares closed up 3.1 percent at 7.29 euros ahead of the statements. Milan’s all share index .FTITLMS rose 0.45 percent.
(Writing by Nigel Tutt; Editing by Richard Chang)