Bonelli and Chiomenti head up LVMH's £3.2bn Bulgari buyout
Italy's Bonelli Erede Pappalardo and Chiomenti have taken lead roles on luxury goods giant LVMH's £3.2bn takeover of Italian jeweller Bulgari. Bonelli has been instructed by LVMH, which is purchasing a 50.4% stake in Bulgari in a share swap that will make the Italian company the second-biggest family shareholder in LVMH.
March 08, 2011 at 07:05 AM
2 minute read
Italy's Bonelli Erede Pappalardo and Chiomenti have taken lead roles on luxury goods giant LVMH's £3.2bn takeover of Italian jeweller Bulgari.
Bonelli has been instructed by LVMH, which is purchasing a 50.4% stake in Bulgari in a share swap that will make the Italian company the second-biggest family shareholder in LVMH.
Bonelli fielded a team led by Milan corporate partner Umberto Nicodano, alongside fellow corporate partner Roberto Cera, while Rome tax head Andrea Silvestri advised on tax aspects of the deal.
Bulgari, meanwhile, instructed Italian firm Chiomenti on the transaction, which was announced by both companies on Monday (7 March). Corporate partner Michele Carpinelli led a Milan-based team which also included corporate partner Francesco Tedeschini.
LVMH will issue 16.5 million new shares in exchange for the 152.5 million Bulgari shares held by the Bulgari family – the French firm will also submit a public offer of €12.25 (£10.55) per share for the stock held by minority shareholders.
The news comes several weeks after LVMH reported record revenues for 2010, with all areas of the group seeing double-digit growth. Economic recovery in key markets such as China helped to increase LVMH's revenues by 19% to €20.3bn (£17.5bn).
The group is the parent company of brands including Dom Perignon, TAG Heuer, Donna Karan and Hennessy.
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