MILAN — There seems to be an internal battle for control of Valentino Fashion Group.
The stock exchange here suspended trading in the shares of Valentino Fashion Group SpA for the entire session Monday pending an announcement of an unspecified nature. Meanwhile, a Milan-based source familiar with the situation said there are two competing bids for Valentino FG.
As WWD reported Monday, Valentino FG chairman Antonio Favrin said last week that the group had received offers from various “financial companies.” Speculation about the possible sale of Valentino FG has been circulating for months. Reports here have named private equity firms Carlyle and Permira as potential buyers.
The source said Permira is working with the Marzotto/Dona Rosa family, while Carlyle is working with Favrin and his investment company Canova Partecipazioni Srl. Canova owns almost 20 percent of the company. The Marzotto family’s International Capital Growth controls 29.93 percent of VFG shares, while other Marzotto family interests control 12.43 percent.
It could not be learned the level or nature of the apparent competing offers.
“We are negotiating” a Canova spokeswoman said Monday, declining to elaborate further on the nature of the talks or the players involved.
A Borsa Italiana spokesman said shares were also suspended for the after-hours trading session. On Friday, VFG shares rose 4.7 percent to close at 35.18 euros, or $47.60.