Buccellati 85% stake to be acquired by Gansu Gangtai for estimated CNY 1.464bn
Gansu Gangtai [Gang Tai Kong Gu; SHA: 600687], a Chinese gold and other jewelry manufacturing company, signed an agreement on 23 December to buy 100% of Yuelong Industry Co., Limited for an estimated CNY 1.464bn (USD 210.76m), so as to hold an 85% stake in Buccellati Holding Italia Spa indirectly.
According to a stock exchange announcement posted by Gansu Gantai, the listed company will issue 94,935,408 new shares at CNY 15.42 per share to Gangtai Group in exchange for the target. Gangtai Group also directly holds a 11.71% stake in the listed Gansu Gangtai.
The remaining 15% stake in Buccellati Holding Italia Spa, the Italian luxury jewellery brand operator, will be held by the Buccellati family.
Meanwhile, Gansu Gangtai will raise CNY 1.36bn via issuing new shares to Gangtai Group. The proceeds will be used on Buccellati's marketing.
Guotai Junan Securities is acting as Gansu Gangtai's independent financial advisor.