(Reuters) – Tod’s soars on the stock market on Monday after the announcement of a public purchase offer from L Catterton, a private equity company backed by LVMH, in agreement with the Della Valle family, majority shareholder of the Italian group.

On the Milan Stock Exchange, around 09:10 GMT, the stock climbed 17.05% to 42.56 euros, compared to a gain of 0.6% for the FTSE MIB index.

In Paris, LVMH shares advanced 0.33% compared to an increase of 0.30% for the CAC 40 index.

In a press release published on Saturday evening, L Catterton said it was aiming to acquire 36% of the capital of Tod’s for a total of 512 million euros, at a price of 43 euros per share, a premium of 17.6% compared to at the closing price on Friday.

The founding family of the Italian luxury shoe manufacturer is trying with this new operation to delist the stock.

In 2022, the Della Valle family offered 40 euros per share to buy back shares in the company from other investors, before abandoning the plan to delist, having failed to obtain 90% support. of shareholders.

Citi, however, wonders whether 43 euros per share “will be considered sufficient for these same shareholders, particularly in view of the rejuvenation of the Tod’s brand over the last 12 months and the underlying valuation of (the brand) Roger Vivier”, bought by the Italian group.

(Written by Federica Urso; Claude Chendjou, edited by Kate Entringer)

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