Positive start for Piazza Affari, Milan is the best among the main European stock exchanges, +0.91%. In the rest of Europe, London -0.25%, Frankfurt +0.32%, Paris +0.45%. 

The focus today is on two companies listed on Piazza Affari, Saras and Tod's. List at least until now, because in both cases a delisting is in sight.

However, they are different cases. For Saras, the Moratti family has confirmed the sale of their shares 62 years after the foundation of the company that owns the Sarroch refinery, in the province of Cagliari. The Moratti family has 40% through three companies: Massimo Moratti Sapa (20%), Angel Capital (10%) and Stella Holding (10%), the latter two respectively owned by Angelo and Gabriele Moratti, son of Gian Marco. For an initial 5% of Angel Capital there had already been a mandate for sale through Bank OK America.

The remaining 35% is now sold. The purchase will be the raw materials trading giant Vitol, a Swiss-Dutch group. It was offered at a price 30% higher than the weighted average value of the stock in the 12 months to February 6. This values ​​the company at 1.7 billion euros, the Moratti family would receive 595 million. The offer price is 1.75 euros. On Friday the stock closed at 1.795 euros (+8%), today it drops by 6% at the start, to 1.67 euros. 

The other story of the day is that of Tod's. The Della Valle family remains as major shareholder. But the L Catterton fund enters the shareholder structure, which has also invested in Etro and Birkenstock and is led by Michael Chu. It will have 36% of the capital of the Tod's group. The Della Valle family will drop from 64.5% to 54%. While Delphine, a holding company owned by the French luxury group LVMH, would remain with 10%. The delisting project will go through a takeover bid and the offer is 43 euros per share. The value of the Tod's stock starting today aligns with the offer; +17%, the price is 42.72 euros. At the beginning the stock was suspended due to excessive rise. 

Overnight, most stock markets in Asia were closed for the Lunar New Year. That of Japan for another holiday, National Foundation Day. Those in Mumbai and Sydney opened and closed lower.


Update at 09.30