Italian textile firm Marzotto has preliminarily agreed to sell an additional 43.39% stake of the company to Wizard SRL, with an acquisition of the remaining shares imminent, local reports said.

Wizard, a private acquisition vehicle owned by Andrea Dona dalle Rosa, will purchase the shares by 30 May, reported Reuters News Agency.

Dona dalle Rosa already holds 24.83% stake in Marzotto, according to the reports, and Wizard SRL will launch a mandatory tender offer for the remaining 31.78% stake at EUR3.99 (US$5.42) per share.