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Pending the reopening of stock markets tomorrow, when the price of Recordati is aligned with the price offered to the family of shareholders and the market: 28 euros per share with an offer of 3 billion euros for the share Fimei holding control.
The pharmaceutical company, on the basis of the price offered, has an estimate (equity) of 5.8 billion (against 6.9 currently). The price of 28 euros therefore requires a discount of almost 18%: it should be noted that the value was obtained by eliminating the stock market peaks of recent months due to speculation on the entry of a new member.
Recordati gives the majority to the British Cvc Fund for 3 billion
It remains to understand what minorities will do now: the price may not be appreciated by the market. In Cvc's intentions, Recordati will still be listed. The goal of the UK fund is indeed to create value over time.
The growth project underpins the agreement with the Recordati family. Andrea Recordati, CEO confirmed, reinvest in the new structure of the shareholding. Alberto, Cristina and Hillary (widow of former CEO Giovanni) will not reinvest directly. However, about 750 million euros, part of the 3 billion of the offer, will be paid in the medium and long term by CVA to all members of the family, through subordinate financial instruments: a type of payment that will allow the family to be involved as creditors of the Milan pharmaceutical group
Three sectors with high scientific vocation
In addition, the debt, necessary for the transaction, more serious on the company's vehicle and not on the operating company. The goal of Cvc, a British private equity fund led by Giampiero Mazza in Italy, is to increase the group's international reach, also in new markets, also thanks to its experience in the sector: Cvc has already bought in Italy Doc Generici, but abroad, the US group Alvogen, among the leaders of over-the-counter products, also reported for 2 billion.
The strategy seems fairly clear: push Recordati's foreign growth. At this point, in the medium term, Cvc can evaluate the output: Recordati gi now affects several Asian groups (some Chinese companies have already been manifested). In the future, with more growth, the Milanese company will target more broadly the pharmaceutical giants wishing to develop in Europe
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