SlideShare a Scribd company logo
IIIIttttaaaalllliiiiaaaannnn ccccoooorrrrppppoooorrrraaaatttteeee MMMM&&&&AAAA 
PPPPrrrraaaaccccttttiiiicccceeee ggggrrrroooouuuupppp mmmmeeeeeeeettttiiiinnnngggg 
22223333 oooottttttttoooobbbbrrrreeee 2222000011114444
IIIInnnnvvvveeeessssttttiiiimmmmeeeennnnttttiiii eeeeffffffffeeeettttttttuuuuaaaattttiiii:: 1,3 mmmmiiiilllliiiiaaaarrrrddddiiii ddddiiii eeeeuuuurrrroooo 
 PPPPaaaarrrrtttteeeecccciiiippppaaaazzzziiiioooonnnniiii iiiinnnn: 8 ssssoooocccciiiieeeettttàààà lllleeeeaaaaddddeeeerrrr mmmmoooonnnnddddiiiiaaaalllliiii,,,, ppppiiiiùùùù aaaallllttttrrrreeee 
 FFFFaaaattttttttuuuurrrraaaattttoooo aaaaggggggggrrrreeeeggggaaaattttoooo ddddeeeelllllllleeee ppppaaaarrrrtttteeeecccciiiippppaaaatttteeee:: oooollllttttrrrreeee 11111111 mmmmiiiilllliiiiaaaarrrrddddiiii ddddiiii eeeeuuuurrrroooo, 
2 22223333 oooottttttttoooobbbbrrrreeee 2222000011114444 
ddddiiii ccccuuuuiiii cccciiiirrrrccccaaaa llll’’’’88880000%aaaallllllll’’’’eeeesssstttteeeerrrroooo 
 DDDDiiiippppeeeennnnddddeeeennnnttttiiii ddddeeeelllllllleeee ppppaaaarrrrtttteeeecccciiiippppaaaatttteeee:: oooollllttttrrrreeee 44440000.000000000000 
 EEEEbbbbiiiittttddddaaaammmmaaaarrrrggggiiiinnnn mmmmeeeeddddiiiioooo: oooollllttttrrrreeee iiiillll 11116666% ((((ppppeeeerrrr lllleeee pppprrrriiiinnnncccciiiippppaaaalllliiii ppppaaaarrrrtttteeeecccciiiippppaaaatttteeee)))) 
 NNNNeeeegggglllliiii uuuullllttttiiiimmmmiiii aaaannnnnnnniiii iiiillll ““““ccccoooonnnntttteeeennnnuuuuttttoooo”””” sssseeeettttttttoooorrrriiiiaaaalllleeee èè ssssttttaaaattttoooo****:: 
 TTTTeeeeccccnnnnoooollllooooggggiiiiaaaa: ttttrrrraaaa 22227777% e 44441111% 
 lllluuuussssssssoooo / ddddeeeessssiiiiggggnnnn: ttttrrrraaaa 11112222% e 22225% 
 SSSSaaaannnniiiittttàààà // tttteeeerrrrzzzzaaaa eeeettttàààà: ttttrrrraaaa 11110000% e 11117777% 
 AAAAllllttttrrrriiii sssseeeettttttttoooorrrriiii: ttttrrrraaaa 11116666% e 22226666% 
 lllliiiiqqqquuuuiiiiddddiiiittttàààà: ttttrrrraaaa 4% e 11117777% 
*Rispetto al valore intrinseco: valutazione analitica degli attivi elaborata basandosi sulle prospettive delle partecipazioni.
3 22223333 oooottttttttoooobbbbrrrreeee 2222000011114444 
~~~~ 222200000000 mmmmiiiilllliiiioooonnnniiii ddddiiii eeeeuuuurrrroooo 
DDDDaaaallll 2222000011110000 
((((3333 iiiinnnnvvvveeeessssttttiiiittttoooorrrriiii)))) 
~~~~111177770000 mmmmiiiilllliiiioooonnnniiii ddddiiii eeeeuuuurrrroooo 
DDDDaaaallll 2222000011113333 
((((7777 iiiinnnnvvvveeeessssttttiiiittttoooorrrriiii)))) 
111122220000 mmmmiiiilllliiiioooonnnniiii ddddiiii eeeeuuuurrrroooo 
DDDDaaaallll 2222000011114444 
((((11119999 iiiinnnnvvvveeeessssttttiiiittttoooorrrriiii)))) 
~~~~ 333300000000 mmmmiiiilllliiiioooonnnniiii ddddiiii eeeeuuuurrrroooo 
DDDDaaaallll 2222000000002222 
((((6666 iiiinnnnvvvveeeessssttttiiiittttoooorrrriiii iiiinnnniiiizzzz....)))) 
~~~~ 33330000 mmmmiiiilllliiiioooonnnniiii ddddiiii eeeeuuuurrrroooo 
DDDDaaaallll 2222000011113333 
((((5 iiiinnnnvvvveeeessssttttiiiittttoooorrrriiii)))) 
~~~~ 6666 mmmmiiiilllliiiioooonnnniiii ddddiiii eeeeuuuurrrroooo 
DDDDaaaallll 2222000000007777 
~~~~ 44440000 mmmmiiiilllliiiioooonnnniiii ddddiiii eeeeuuuurrrroooo 
DDDDaaaallll 2222000011110000 
~~~~ 33330000 mmmmiiiilllliiiioooonnnniiii ddddiiii eeeeuuuurrrroooo 
DDDDaaaallll 2222000011111111 
IIIIllll pppprrrriiiimmmmoooo «cccclllluuuubbbb ddddeeeeaaaallll ggggrrrroooouuuupppp» iiiittttaaaalllliiiiaaaannnnoooo
NNNNoooonnnn ssssiiiiaaaammmmoooo uuuunnnn ffffoooonnnnddddoooo ddddiiii iiiinnnnvvvveeeessssttttiiiimmmmeeeennnnttttoooo e ppppeeeerrrrttttaaaannnnttttoooo nnnnoooonnnn «iiiimmmmppppoooonnnniiiiaaaammmmoooo» 
uuuusssscccciiiitttteeee: anzi, perseguendo con determinazione la crescita delle società 
partecipate, tendiamo ad investire sempre di più e sempre in ottica di 
lungo termine. I nostri soci sono più interessati ad investire in imprese 
da valorizzare nel medio/lungo termine rispetto ad «avere indietro» 
soldi che comunque dovranno essere messi a frutto. 
 NNNNoooonnnn uuuussssiiiiaaaammmmoooo ssssoooollllddddiiii ppppuuuubbbbbbbblllliiiicccciiii ma di imprenditori o di investitori 
professionali che cercano la massima trasparenza tipica di una società 
quotata in borsa, e veramente «public». 
 NNNNoooonnnn pppprrrreeeetttteeeennnnddddiiiiaaaammmmoooo rrrruuuuoooolllliiii nnnnéééé ppppeeeennnnssssiiiiaaaammmmoooo ddddiiii aaaavvvveeeerrrreeee ccccoooommmmppppeeeetttteeeennnnzzzzeeee ddddaaaa 
«ttttuuuuttttttttoooollllooooggggiiii»:: accompagniamo realmente i progetti di sviluppo della 
parte più sana, ambiziosa e coraggiosa dell’Italia/Europa industriale. 
 SSSSiiiiaaaammmmoooo uuuunnnn tttteeeeaaaammmm ddddiiii cccciiiirrrrccccaaaa 22220000 ppppeeeerrrrssssoooonnnneeee,,,, ssssnnnneeeelllllllloooo,,,, rrrraaaappppiiiiddddoooo e fffflllleeeessssssssiiiibbbbiiiilllleeee. 
 SSSSiiiiaaaammmmoooo aaaabbbbiiiittttuuuuaaaattttiiii aaaalllllllleeee tttteeeemmmmaaaattttiiiicccchhhheeee –– aaaannnncccchhhheeee ddddeeeelllliiiiccccaaaatttteeee –– ddddeeeelllllllleeee ffffaaaammmmiiiigggglllliiiieeee 
4 22223333 oooottttttttoooobbbbrrrreeee 2222000011114444 
iiiimmmmpppprrrreeeennnnddddiiiittttoooorrrriiiiaaaalllliiii. 
1111.... 
2222.... 
3333.... 
4444.... 
5....
CCCCoooonnnn llllaaaa sssstttteeeessssssssaaaa llllooooggggiiiiccccaaaa ddddiiii TTTTIIIIPPPP nnnneeeellll ggggiiiiuuuuggggnnnnoooo 2222000011114444 è ssssttttaaaattttaaaa vvvvaaaarrrraaaattttaaaa TTTTIIIIPPPPOOOO. 
 TTTTIIIIPPPPOOOO iiiinnnnvvvveeeesssstttteeee iiiinnnn ssssoooocccciiiieeeettttàààà ccccoooonnnn ffffaaaattttttttuuuurrrraaaattttoooo ttttrrrraaaa 33330000 e 222200000000 mmmmiiiilllliiiioooonnnniiii ddddiiii eeeeuuuurrrroooo, ccccoooonnnn uuuunnnn 
EEEEbbbbiiiittttddddaaaa mmmmaaaarrrrggggiiiinnnn ssssoooopppprrrraaaa aaaallll 99/11110000% e ccccoooonnnn uuuunnnnaaaa ssssiiiittttuuuuaaaazzzziiiioooonnnneeee ffffiiiinnnnaaaannnnzzzziiiiaaaarrrriiiiaaaa ssssoooolllliiiiddddaaaa, cccchhhheeee 
hhhhaaaannnnnnnnoooo llll’’’’iiiinnnntttteeeennnnzzzziiiioooonnnneeee ddddiiii qqqquuuuoooottttaaaarrrrssssiiii iiiinnnn bbbboooorrrrssssaaaa nnnneeeeiiii pppprrrroooossssssssiiiimmmmiiii cccciiiinnnnqqqquuuueeee aaaannnnnnnniiii 
 IIIIllll ccccaaaappppiiiittttaaaalllleeee ssssoooottttttttoooossssccccrrrriiiittttttttoooo aaaadddd ooooggggggggiiii è ddddiiii 111144440000 mmmmllllnnnn ddddiiii eeeeuuuurrrroooo 
IIII pppprrrriiiimmmmiiii mmmmeeeessssiiii ddddiiii TTTTIIIIPPPPOOOO 
1111....444400000000 società che rispondono ai criteri 
111133330000 società individuate da contattare 
Oltre 111100000000 dossier preparati 
Circa 50000 società già 
contattate 
5 manifestazioni 
di interesse 
formulate 
Procede il percorso 
di IIIIPPPPOOOO ddddiiii AAAAAAAAAAAA aaaa NNNNeeeewwww 
YYYYoooorrrrkkkk 
5 22223333 oooottttttttoooobbbbrrrreeee 2222000011114444
222244440000 ooooppppeeeerrrraaaazzzziiiioooonnnniiii ddddiiii MMMMAAAA ccccoooommmmpppplllleeeettttaaaatttteeee ccccoooonnnn ssssuuuucccccccceeeessssssssoooo nnnneeeellll ppppeeeerrrriiiiooooddddoooo 2222000000000000 – 
2222000011113333 e sssseeeemmmmpppprrrreeee ttttrrrraaaa ii pppprrrriiiimmmmiiii 5 / 6 ooooppppeeeerrrraaaattttoooorrrriiii iiiittttaaaalllliiiiaaaannnniiii nnnneeeellll sssseeeeggggmmmmeeeennnnttttoooo ddddeeeelllllllleeee 
mmmmeeeeddddiiiieeee iiiimmmmpppprrrreeeesssseeee ccccoooonnnn uuuunnnnaaaa mmmmeeeeddddiiiiaaaa ddddiiii 11115 ooooppppeeeerrrraaaazzzziiiioooonnnniiii aaaallllllll’’’’aaaannnnnnnnoooo 
 SSSSuuuuppppppppoooorrrrttttoooo a ggggrrrruuuuppppppppiiii iiiinnnndddduuuussssttttrrrriiiiaaaalllliiii eeeedddd a ffffaaaammmmiiiigggglllliiiieeee iiiimmmmpppprrrreeeennnnddddiiiittttoooorrrriiiiaaaalllliiii iiiinnnn 
ooooppppeeeerrrraaaazzzziiiioooonnnniiii ddddiiii ffffiiiinnnnaaaannnnzzzzaaaa ssssttttrrrraaaaoooorrrrddddiiiinnnnaaaarrrriiiiaaaa 
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HA ACQUISITO UNA PARTECIPAZIONE DI 
MINORANZA IN 
HA ACQUISITO LA TOTALITA’ DEL CAPITALE DI 
HA ACQUISITO UNA QUOTA DEL 50,1% DEL 
CAPITALE DELLE SOCIETÀ CHE 
RAPPRESENTANO IL GRUPPO 
6 22223333 oooottttttttoooobbbbrrrreeee 2222000011114444 
ccccoooonnnnttttrrrrooooppppaaaarrrrttttiiii eeeesssstttteeeerrrreeee 
 GGGGrrrraaaannnnddddeeee eeeessssppppeeeerrrriiiieeeennnnzzzzaaaa iiiinnnn vvvvaaaalllluuuuttttaaaazzzziiiioooonnnniiii,,,, ppppeeeerrrriiiizzzziiiieeee,,,, ppppaaaarrrreeeerrrriiii ddddiiii ccccoooonnnnggggrrrruuuuiiiittttàààà 
HA ACQUISITO LA TOTALITA’ DEL CAPITALE DI 
SOCIETA’ APPARTENENTE AL GRUPPO 
NELL’OPERAZIONE I VENDITORI 
SONO STATI ASSISTITI DA 
T AMBURI  A SSOCIATI 
HA ACQUISITO IL 51% DI 
UNA JOINT VENTURE IN TURCHIA 
CON 
NELL’OPERAZIONE GLI 
ACQUIRENTI 
SONO STATI ASSISTITI DA 
T AMBURI  A SSOCIATI 
NELL’OPERAZIONE I VENDITORI 
SONO STATI ASSISTITI DA 
T AMBURI  A SSOCIATI 
NELL’OPERAZIONE I VENDITORI 
SONO STATI ASSISTITI DA 
T AMBURI  A SSOCIATI 
NELL’OPERAZIONE GLI 
ACQUIRENTI 
SONO STATI ASSISTITI DA 
T AMBURI  A SSOCIATI
TTTToooottttaaaallll rrrreeeettttuuuurrrrnnnn 
22223333 oooottttttttoooobbbbrrrreeee 2222000011114444 
3,0 
2,8 
2,6 
2,4 
2,2 
2,0 
1,8 
1,6 
1,4 
1,2 
1,0 
0,8 
0,6 
0,4 
VVVVoooollllaaaattttiiiilllliiiittttàààà mmmmoooollllttttoooo bbbbaaaassssssssaaaa:::: 11116666,,,,6666%%%% ((((vvvvssss 22222222,,,,3333%%%% FFFFTTTTSSSSEEEE MMMMiiiibbbb )))) 
BBBBuuuuoooonnnnaaaa ppppeeeerrrrffffoooorrrrmmmmaaaannnncccceeee ddddiiii mmmmeeeeddddiiiioooo – lllluuuunnnnggggoooo tttteeeerrrrmmmmiiiinnnneeee ((((nnnneeeellll 33338888%%%% 
ddddeeeeiiii ggggiiiioooorrrrnnnniiii TTTTIIIIPPPP hhhhaaaa ssssoooovvvvrrrraaaappppeeeerrrrffffoooorrrrmmmmaaaattttoooo ttttuuuuttttttttiiii iiii pppprrrriiiinnnncccciiiippppaaaalllliiii iiiinnnnddddiiiicccciiii)))) 
FFFFoooorrrrtttteeee ssssoooolllliiiiddddiiiittttàààà ccccoooonnnnttttrrrroooo iiii ddddoooowwwwnnnnssssiiiiddddeeee 
7 
++++44448888,,,,7777%%%% 
+44447777,,,,5%%%% 
++++44445,,,,3333%%%% 
++++22229999,,,,0000%%%% 
-22220000,,,,0000%%%% 
-44443333,,,,7777%%%% 
IT Star 
MSCI SM 
Stoxx Eur. 
MSCI Eur 
FTSE MIB 
FTSE IT. SM 
++++77777777....8888%%%% 
Fonte: elaborazione TIP su dati Bloomberg (al 21.10.2014) 
aaaannnnnnnnuuuuaaaalllleeee 
++++22220000,,,,0000%%%% 
NNNNeeeelllllllloooo sssstttteeeessssssssoooo ppppeeeerrrriiiiooooddddoooo 
iiiillll wwwwaaaarrrrrrrraaaannnntttt TTTTIIIIPPPP è ssssaaaalllliiiittttoooo 
ddddeeeellll 999922220000%

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Presentazione presso Backer & McKenzie - Il mercato italiano e le opportunità di crescita per le aziende: il modello Tipo S.p.A. (23 ottobre 2014)

  • 1. IIIIttttaaaalllliiiiaaaannnn ccccoooorrrrppppoooorrrraaaatttteeee MMMM&&&&AAAA PPPPrrrraaaaccccttttiiiicccceeee ggggrrrroooouuuupppp mmmmeeeeeeeettttiiiinnnngggg 22223333 oooottttttttoooobbbbrrrreeee 2222000011114444
  • 2. IIIInnnnvvvveeeessssttttiiiimmmmeeeennnnttttiiii eeeeffffffffeeeettttttttuuuuaaaattttiiii:: 1,3 mmmmiiiilllliiiiaaaarrrrddddiiii ddddiiii eeeeuuuurrrroooo PPPPaaaarrrrtttteeeecccciiiippppaaaazzzziiiioooonnnniiii iiiinnnn: 8 ssssoooocccciiiieeeettttàààà lllleeeeaaaaddddeeeerrrr mmmmoooonnnnddddiiiiaaaalllliiii,,,, ppppiiiiùùùù aaaallllttttrrrreeee FFFFaaaattttttttuuuurrrraaaattttoooo aaaaggggggggrrrreeeeggggaaaattttoooo ddddeeeelllllllleeee ppppaaaarrrrtttteeeecccciiiippppaaaatttteeee:: oooollllttttrrrreeee 11111111 mmmmiiiilllliiiiaaaarrrrddddiiii ddddiiii eeeeuuuurrrroooo, 2 22223333 oooottttttttoooobbbbrrrreeee 2222000011114444 ddddiiii ccccuuuuiiii cccciiiirrrrccccaaaa llll’’’’88880000%aaaallllllll’’’’eeeesssstttteeeerrrroooo DDDDiiiippppeeeennnnddddeeeennnnttttiiii ddddeeeelllllllleeee ppppaaaarrrrtttteeeecccciiiippppaaaatttteeee:: oooollllttttrrrreeee 44440000.000000000000 EEEEbbbbiiiittttddddaaaammmmaaaarrrrggggiiiinnnn mmmmeeeeddddiiiioooo: oooollllttttrrrreeee iiiillll 11116666% ((((ppppeeeerrrr lllleeee pppprrrriiiinnnncccciiiippppaaaalllliiii ppppaaaarrrrtttteeeecccciiiippppaaaatttteeee)))) NNNNeeeegggglllliiii uuuullllttttiiiimmmmiiii aaaannnnnnnniiii iiiillll ““““ccccoooonnnntttteeeennnnuuuuttttoooo”””” sssseeeettttttttoooorrrriiiiaaaalllleeee èè ssssttttaaaattttoooo****:: TTTTeeeeccccnnnnoooollllooooggggiiiiaaaa: ttttrrrraaaa 22227777% e 44441111% lllluuuussssssssoooo / ddddeeeessssiiiiggggnnnn: ttttrrrraaaa 11112222% e 22225% SSSSaaaannnniiiittttàààà // tttteeeerrrrzzzzaaaa eeeettttàààà: ttttrrrraaaa 11110000% e 11117777% AAAAllllttttrrrriiii sssseeeettttttttoooorrrriiii: ttttrrrraaaa 11116666% e 22226666% lllliiiiqqqquuuuiiiiddddiiiittttàààà: ttttrrrraaaa 4% e 11117777% *Rispetto al valore intrinseco: valutazione analitica degli attivi elaborata basandosi sulle prospettive delle partecipazioni.
  • 3. 3 22223333 oooottttttttoooobbbbrrrreeee 2222000011114444 ~~~~ 222200000000 mmmmiiiilllliiiioooonnnniiii ddddiiii eeeeuuuurrrroooo DDDDaaaallll 2222000011110000 ((((3333 iiiinnnnvvvveeeessssttttiiiittttoooorrrriiii)))) ~~~~111177770000 mmmmiiiilllliiiioooonnnniiii ddddiiii eeeeuuuurrrroooo DDDDaaaallll 2222000011113333 ((((7777 iiiinnnnvvvveeeessssttttiiiittttoooorrrriiii)))) 111122220000 mmmmiiiilllliiiioooonnnniiii ddddiiii eeeeuuuurrrroooo DDDDaaaallll 2222000011114444 ((((11119999 iiiinnnnvvvveeeessssttttiiiittttoooorrrriiii)))) ~~~~ 333300000000 mmmmiiiilllliiiioooonnnniiii ddddiiii eeeeuuuurrrroooo DDDDaaaallll 2222000000002222 ((((6666 iiiinnnnvvvveeeessssttttiiiittttoooorrrriiii iiiinnnniiiizzzz....)))) ~~~~ 33330000 mmmmiiiilllliiiioooonnnniiii ddddiiii eeeeuuuurrrroooo DDDDaaaallll 2222000011113333 ((((5 iiiinnnnvvvveeeessssttttiiiittttoooorrrriiii)))) ~~~~ 6666 mmmmiiiilllliiiioooonnnniiii ddddiiii eeeeuuuurrrroooo DDDDaaaallll 2222000000007777 ~~~~ 44440000 mmmmiiiilllliiiioooonnnniiii ddddiiii eeeeuuuurrrroooo DDDDaaaallll 2222000011110000 ~~~~ 33330000 mmmmiiiilllliiiioooonnnniiii ddddiiii eeeeuuuurrrroooo DDDDaaaallll 2222000011111111 IIIIllll pppprrrriiiimmmmoooo «cccclllluuuubbbb ddddeeeeaaaallll ggggrrrroooouuuupppp» iiiittttaaaalllliiiiaaaannnnoooo
  • 4. NNNNoooonnnn ssssiiiiaaaammmmoooo uuuunnnn ffffoooonnnnddddoooo ddddiiii iiiinnnnvvvveeeessssttttiiiimmmmeeeennnnttttoooo e ppppeeeerrrrttttaaaannnnttttoooo nnnnoooonnnn «iiiimmmmppppoooonnnniiiiaaaammmmoooo» uuuusssscccciiiitttteeee: anzi, perseguendo con determinazione la crescita delle società partecipate, tendiamo ad investire sempre di più e sempre in ottica di lungo termine. I nostri soci sono più interessati ad investire in imprese da valorizzare nel medio/lungo termine rispetto ad «avere indietro» soldi che comunque dovranno essere messi a frutto. NNNNoooonnnn uuuussssiiiiaaaammmmoooo ssssoooollllddddiiii ppppuuuubbbbbbbblllliiiicccciiii ma di imprenditori o di investitori professionali che cercano la massima trasparenza tipica di una società quotata in borsa, e veramente «public». NNNNoooonnnn pppprrrreeeetttteeeennnnddddiiiiaaaammmmoooo rrrruuuuoooolllliiii nnnnéééé ppppeeeennnnssssiiiiaaaammmmoooo ddddiiii aaaavvvveeeerrrreeee ccccoooommmmppppeeeetttteeeennnnzzzzeeee ddddaaaa «ttttuuuuttttttttoooollllooooggggiiii»:: accompagniamo realmente i progetti di sviluppo della parte più sana, ambiziosa e coraggiosa dell’Italia/Europa industriale. SSSSiiiiaaaammmmoooo uuuunnnn tttteeeeaaaammmm ddddiiii cccciiiirrrrccccaaaa 22220000 ppppeeeerrrrssssoooonnnneeee,,,, ssssnnnneeeelllllllloooo,,,, rrrraaaappppiiiiddddoooo e fffflllleeeessssssssiiiibbbbiiiilllleeee. SSSSiiiiaaaammmmoooo aaaabbbbiiiittttuuuuaaaattttiiii aaaalllllllleeee tttteeeemmmmaaaattttiiiicccchhhheeee –– aaaannnncccchhhheeee ddddeeeelllliiiiccccaaaatttteeee –– ddddeeeelllllllleeee ffffaaaammmmiiiigggglllliiiieeee 4 22223333 oooottttttttoooobbbbrrrreeee 2222000011114444 iiiimmmmpppprrrreeeennnnddddiiiittttoooorrrriiiiaaaalllliiii. 1111.... 2222.... 3333.... 4444.... 5....
  • 5. CCCCoooonnnn llllaaaa sssstttteeeessssssssaaaa llllooooggggiiiiccccaaaa ddddiiii TTTTIIIIPPPP nnnneeeellll ggggiiiiuuuuggggnnnnoooo 2222000011114444 è ssssttttaaaattttaaaa vvvvaaaarrrraaaattttaaaa TTTTIIIIPPPPOOOO. TTTTIIIIPPPPOOOO iiiinnnnvvvveeeesssstttteeee iiiinnnn ssssoooocccciiiieeeettttàààà ccccoooonnnn ffffaaaattttttttuuuurrrraaaattttoooo ttttrrrraaaa 33330000 e 222200000000 mmmmiiiilllliiiioooonnnniiii ddddiiii eeeeuuuurrrroooo, ccccoooonnnn uuuunnnn EEEEbbbbiiiittttddddaaaa mmmmaaaarrrrggggiiiinnnn ssssoooopppprrrraaaa aaaallll 99/11110000% e ccccoooonnnn uuuunnnnaaaa ssssiiiittttuuuuaaaazzzziiiioooonnnneeee ffffiiiinnnnaaaannnnzzzziiiiaaaarrrriiiiaaaa ssssoooolllliiiiddddaaaa, cccchhhheeee hhhhaaaannnnnnnnoooo llll’’’’iiiinnnntttteeeennnnzzzziiiioooonnnneeee ddddiiii qqqquuuuoooottttaaaarrrrssssiiii iiiinnnn bbbboooorrrrssssaaaa nnnneeeeiiii pppprrrroooossssssssiiiimmmmiiii cccciiiinnnnqqqquuuueeee aaaannnnnnnniiii IIIIllll ccccaaaappppiiiittttaaaalllleeee ssssoooottttttttoooossssccccrrrriiiittttttttoooo aaaadddd ooooggggggggiiii è ddddiiii 111144440000 mmmmllllnnnn ddddiiii eeeeuuuurrrroooo IIII pppprrrriiiimmmmiiii mmmmeeeessssiiii ddddiiii TTTTIIIIPPPPOOOO 1111....444400000000 società che rispondono ai criteri 111133330000 società individuate da contattare Oltre 111100000000 dossier preparati Circa 50000 società già contattate 5 manifestazioni di interesse formulate Procede il percorso di IIIIPPPPOOOO ddddiiii AAAAAAAAAAAA aaaa NNNNeeeewwww YYYYoooorrrrkkkk 5 22223333 oooottttttttoooobbbbrrrreeee 2222000011114444
  • 6. 222244440000 ooooppppeeeerrrraaaazzzziiiioooonnnniiii ddddiiii MMMMAAAA ccccoooommmmpppplllleeeettttaaaatttteeee ccccoooonnnn ssssuuuucccccccceeeessssssssoooo nnnneeeellll ppppeeeerrrriiiiooooddddoooo 2222000000000000 – 2222000011113333 e sssseeeemmmmpppprrrreeee ttttrrrraaaa ii pppprrrriiiimmmmiiii 5 / 6 ooooppppeeeerrrraaaattttoooorrrriiii iiiittttaaaalllliiiiaaaannnniiii nnnneeeellll sssseeeeggggmmmmeeeennnnttttoooo ddddeeeelllllllleeee mmmmeeeeddddiiiieeee iiiimmmmpppprrrreeeesssseeee ccccoooonnnn uuuunnnnaaaa mmmmeeeeddddiiiiaaaa ddddiiii 11115 ooooppppeeeerrrraaaazzzziiiioooonnnniiii aaaallllllll’’’’aaaannnnnnnnoooo SSSSuuuuppppppppoooorrrrttttoooo a ggggrrrruuuuppppppppiiii iiiinnnndddduuuussssttttrrrriiiiaaaalllliiii eeeedddd a ffffaaaammmmiiiigggglllliiiieeee iiiimmmmpppprrrreeeennnnddddiiiittttoooorrrriiiiaaaalllliiii iiiinnnn ooooppppeeeerrrraaaazzzziiiioooonnnniiii ddddiiii ffffiiiinnnnaaaannnnzzzzaaaa ssssttttrrrraaaaoooorrrrddddiiiinnnnaaaarrrriiiiaaaa LLLLeeee ooooppppeeeerrrraaaazzzziiiioooonnnniiii ddddiiii MMMMAAAA rrrriiiigggguuuuaaaarrrrddddaaaannnnoooo sssseeeemmmmpppprrrreeee ppppiiiiùùùù cccclllliiiieeeennnnttttiiii ee / o HA ACQUISITO UNA PARTECIPAZIONE DI MINORANZA IN HA ACQUISITO LA TOTALITA’ DEL CAPITALE DI HA ACQUISITO UNA QUOTA DEL 50,1% DEL CAPITALE DELLE SOCIETÀ CHE RAPPRESENTANO IL GRUPPO 6 22223333 oooottttttttoooobbbbrrrreeee 2222000011114444 ccccoooonnnnttttrrrrooooppppaaaarrrrttttiiii eeeesssstttteeeerrrreeee GGGGrrrraaaannnnddddeeee eeeessssppppeeeerrrriiiieeeennnnzzzzaaaa iiiinnnn vvvvaaaalllluuuuttttaaaazzzziiiioooonnnniiii,,,, ppppeeeerrrriiiizzzziiiieeee,,,, ppppaaaarrrreeeerrrriiii ddddiiii ccccoooonnnnggggrrrruuuuiiiittttàààà HA ACQUISITO LA TOTALITA’ DEL CAPITALE DI SOCIETA’ APPARTENENTE AL GRUPPO NELL’OPERAZIONE I VENDITORI SONO STATI ASSISTITI DA T AMBURI A SSOCIATI HA ACQUISITO IL 51% DI UNA JOINT VENTURE IN TURCHIA CON NELL’OPERAZIONE GLI ACQUIRENTI SONO STATI ASSISTITI DA T AMBURI A SSOCIATI NELL’OPERAZIONE I VENDITORI SONO STATI ASSISTITI DA T AMBURI A SSOCIATI NELL’OPERAZIONE I VENDITORI SONO STATI ASSISTITI DA T AMBURI A SSOCIATI NELL’OPERAZIONE GLI ACQUIRENTI SONO STATI ASSISTITI DA T AMBURI A SSOCIATI
  • 7. TTTToooottttaaaallll rrrreeeettttuuuurrrrnnnn 22223333 oooottttttttoooobbbbrrrreeee 2222000011114444 3,0 2,8 2,6 2,4 2,2 2,0 1,8 1,6 1,4 1,2 1,0 0,8 0,6 0,4 VVVVoooollllaaaattttiiiilllliiiittttàààà mmmmoooollllttttoooo bbbbaaaassssssssaaaa:::: 11116666,,,,6666%%%% ((((vvvvssss 22222222,,,,3333%%%% FFFFTTTTSSSSEEEE MMMMiiiibbbb )))) BBBBuuuuoooonnnnaaaa ppppeeeerrrrffffoooorrrrmmmmaaaannnncccceeee ddddiiii mmmmeeeeddddiiiioooo – lllluuuunnnnggggoooo tttteeeerrrrmmmmiiiinnnneeee ((((nnnneeeellll 33338888%%%% ddddeeeeiiii ggggiiiioooorrrrnnnniiii TTTTIIIIPPPP hhhhaaaa ssssoooovvvvrrrraaaappppeeeerrrrffffoooorrrrmmmmaaaattttoooo ttttuuuuttttttttiiii iiii pppprrrriiiinnnncccciiiippppaaaalllliiii iiiinnnnddddiiiicccciiii)))) FFFFoooorrrrtttteeee ssssoooolllliiiiddddiiiittttàààà ccccoooonnnnttttrrrroooo iiii ddddoooowwwwnnnnssssiiiiddddeeee 7 ++++44448888,,,,7777%%%% +44447777,,,,5%%%% ++++44445,,,,3333%%%% ++++22229999,,,,0000%%%% -22220000,,,,0000%%%% -44443333,,,,7777%%%% IT Star MSCI SM Stoxx Eur. MSCI Eur FTSE MIB FTSE IT. SM ++++77777777....8888%%%% Fonte: elaborazione TIP su dati Bloomberg (al 21.10.2014) aaaannnnnnnnuuuuaaaalllleeee ++++22220000,,,,0000%%%% NNNNeeeelllllllloooo sssstttteeeessssssssoooo ppppeeeerrrriiiiooooddddoooo iiiillll wwwwaaaarrrrrrrraaaannnntttt TTTTIIIIPPPP è ssssaaaalllliiiittttoooo ddddeeeellll 999922220000%