Automation Systems triggers mandatory takeover bid for Piovan

The legal conditions have been met to trigger the requirements for launching a mandatory takeover bid on Piovan shares. This was announced by Automation Systems, a company whose capital is indirectly held by the Investindustrial VIII fund. In July 2024, Automation Systems had acquired a majority stake in Piovan, an operation that, upon completion, foresaw a takeover bid for the remaining shares.

The offer will amount to 14 euros per share for each of the 16,478,541 shares, representing 30.74% of Piovan’s capital, in addition to 416,062 shares that may be allocated under incentive plans, for a total of 16,894,603 shares, equivalent to 31.52% of the company’s capital listed on the Euronext Star segment of the Milan Stock Exchange. Once the acquisition of Piovan’s entire share capital is finalised, the company will be delisted.