ITALY: Zignago Ditches Marzotto Bid After Protests
Italian holding company Industrie Zignago Santa Margherita SpA on Wednesday withdrew its takeover bid for clothing group Marzotto - owner of leading fashion labels Valentino and Hugo Boss. Both Zignago and Marzotto are controlled by the same family but following strong opposition from smaller shareholders who claimed Zignago's offer was far too high, the proposed $408 million deal fell apart.
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