ITALY: Tod's Family Sells A 9.4 Per Cent Stake
The Della Valle family, owner of Italian upmarket shoe maker Tod's, has placed another 9.4 per cent of the company's stock - equivalent to 2.84 million shares - with institutional investors.
In statements released yesterday, Tod's said the offer had been three times oversubscribed within an hour.
"In the last few months we had received a strong indication from the market of the opportunity to increase the free float and, eventually, the liquidity of the stock," chairman and chief executive officer Diego Della Valle said in one of the statements.
"With this offering, my brother and I wanted to provide the market with an additional strong message of partnership and a desire to share our long term goals with investors," he added.
The Della Valles said they now held 62.2 per cent of the company's stock compared with 71.6 per cent before the placing.
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