CTE has reached agreement on its takeover of the Bizzocchi division of the Effer group.
As the company was a separate legal entity to Effer, the acquisition had to be agreed by the court administering it. Largely a political issue, thrown up by the need for the officials to be seen to be doing the best for the “stakeholders” in Bizzocchi and not simply rubber stamping the decision made in the Effer case.
The deal has CTE/Sol.Ge, renting the company for a short period while a full and final assessment of inventory at the company is made. The renting of a company is common practice in Italian administration cases and is often used by buyers to learn more about the business before making a full takeover.
The transaction should be completed in mid to late January.
Mr. Giovanni Scarlini has been appointed general manager of Sol. Ge. The company that was formed to acquire Effer holdings, which is 80 percent owned by CTE and 20 percent by a group of investors that include Mr. Roberto Meneghinello, the previous chief financial officer of Effer group and production manager and Mr. Michele Marraffa.