Elkann, Della Valle and Moratti. Three great families that represent the industrial history of our country characterized by their steps backwards. To the history of Fiat, first the subject of the merger with the American Chrysler and then incorporated by the French group PSA, into Stellantis, now well known, is added that of the Della Valle family with Tod’s and the Morattis with Saras who are preparing to leave Piazza Affari.
As for the former, Diego Della Valle has decided to launch a new takeover bid for Tod’s, after the failed one in 2022. This time, however, thanks to an agreement made with the private equity fund, L Catterton, controlled by the luxury group LVMH, led by Bernard Arnault. The offer identified a price of 43 euros per share with a premium of 17.59%, which brings the value of the operation to 512 million euros. If the takeover bid were to be successful, the Della Valles would lose 10% of their shares, falling to 54%, the L Catterton fund would rise to 36% and the Delphine company to 10%. An operation that is destined to be concluded thanks to the entry into play of LVMH, a variable not present in 2022. The Della Valles’ step backwards is therefore their exit from Piazza Affari and the consequent loss of shares in the company. Positive aspect: for the moment the Della Valles still have the majority.
The Morattis instead say goodbye to the oil refining sector by selling 35% of Saras to Vitol, a Swiss-Dutch commodity trading company founded in Rotterdam. The sellers are Massimo Moratti SapA of Massimo Moratti, Angel Capital Management SpA (ACM) of Angelo Moratti, son of Gianmarco Moratti and Lina Sotis and SpA of Gabriele Moratti son of Gianmarco and Letizia Moratti.
According to the news, it was the two sons of the former Saras president who pushed for the sale, who had no interest in managing this type of business, which also presents a certain complexity. ACM has also undertaken to sell to Vitol any Saras shares that the company may receive on the basis of the existing contract, covering approximately 5% of Saras’ share capital. The operation takes place at a price of 1.75 euros per share for a total value of 1.7 billion euros. In the event that a dividend is approved and then distributed by Saras, before the end of the operation, the price per share will be reduced. From a technical point of view, the government will have to decide whether to activate the golden power given the particular activity of the company; while, as far as entrepreneurship is concerned we are faced with a decision that very often family realities must take into consideration, especially when the designated heirs have no intention of continuing the founder’s work. It is not such an obvious step, especially in Italy, given that very often children are “forced” to follow in their father’s footsteps.
