The European Commission provided German airline Lufthansa with the conditional authorization to accquire a 41% of troubled Italian competitor ITA Airways for 325 million euros (see here a previous post by BeBeez). The companies may close the transaction on 4 July, Thursday. Carsten Spohr is the ceo of Lufthansa. The European Antitrust Authority received warranties from Ita and the buyer about the previously reported competition issues.
Padua Court accepted the receivership plan of Italian shoe retailer Pittarosso as 93% of creditors said to agree (see here a previous post by BeBeez). RSCT Fund (Responsible & Sustainable Corporate Turnaround Fund, part of IQ EQ Fund Management fka Davy Global Fund Management) elaborated the plan with the advisory support of Pillarstone and will replace the former controlling shareholder Lion Capital that will keep a minority. PwC, Studio Legale Nevoni and Studio Bogoni advised Pittarosso. Giliberti Triscornia e Associati assisted RSCT while Lion Capital retained Gianni & Origoni. In 2020, RSCT acquired from Unicredit and other banks the liability of Pittarosso which filed for a receivership plan in November 2022. Pillarstone was willing to convert in equity the company’s banking liabilities worth 80 million euros (30% of unsecured credits) and provide with 5 million fresh resources. The new plan will require Pittarosso to pay 25% of its unsecured debt, 5 million more than the previous plan. Pittarosso has debts of 335 million (more than 250 million unsecured).
Milan-listed Generalfinance, a provider of factoring facilities for special situation companies that Massimo Gianolli created, said it acquired 96% of Workinvoice, a platform for invoice financing that Matteo Tarroni, Ettore Decio and Fabio Bolognini founded in 2013 (see here a previous post by BeBeez). The founders and CRIF (10.42%) sold their stakes. The Italian Central Bank must authorize the closing of the transaction. Generalfinance will pay 1.8 million euros in cash and 4.6 million through a capital increase at 10,96 euros per share that the founders and CRIF will subscribe. Banco di Desio e della Brianza will subscribe to a capital increase of Workinvoice ahead of swapping the shares with the equity of Generalfinance. Workinvoice may get two further earn outs of 1.2 million worth shares of Generalfinance and further cash of 3 million upon the achievement of an ebitda target. The capital increase is worth a total of 8.7 million. After the closing, Workinvoice will be part of Generalfinance’s Fintech & Digital Lending unit that Matteo Tarroni will head. KPMG Corporate Finance, Ceresio Investors, Legance Avvocati Associati, and BonelliErede assisted Generalfinance. Workinvoice retained Portolano Cavallo while PriceWaterhouseCoopers Business Services will draw up the expertise for the capital increase of Generalfinance.
Tyche received the authorization from the European Central Bank and the Bank of Italy for merging by incorporation into Banca di Credito del Peloritano (BCP) of which it previously purchased 1 9..99% stake (see here a previous post by BeBeez). The closing may take place in July 2024. Enrico Rossetti is the chairman of Tyche. In 2023, BCP generated a brokerage margin of 6.5 million euros with a CET 1 capital ratio of 27.078%. In 2023, Tyche generated net profits of 5.1 million and a 14.7 million brokerage margin.
