Fashion Houses Review

Italy · Fashion business

How Bulgari’s share contribution led to its Milan delisting

LVMH issued 18.04 million shares for a majority stake in Bulgari in 2011. It reached 98.09% of Bulgari’s share capital by the tender payment date and acquired the remaining shares when the Milan listing ended on 4 October.

Sources checked

Fashion Houses Review Editorial Team

Jewellery ownershipBulgari from family contribution to delisting
  1. 7 March 2011
    Combination announced

    LVMH and the Bulgari family announce the transaction. Source 1

  2. 30 June 2011
    Board approves contribution

    After competition clearance, LVMH approves the contribution of the family’s majority holding. Source 2

  3. 30 June 2011
    Consideration recorded

    LVMH records 18,037,011 new LVMH shares as consideration for Bulgari shares representing 55.03% of Bulgari’s share capital. Source 1

  4. 4 August 2011
    Tender notice

    The offer covers ordinary shares that the offeror and parties acting in concert do not already own. Source 3

  5. 23 September 2011
    Tender acceptance ends

    Shareholders tender 109,183,898 shares, or 92.09% of shares subject to the offer. Source 4

  6. 28 September 2011
    Offer payment

    LVMH reports an aggregate holding of 342,032,522 Bulgari shares, or 98.09% of capital. Source 4

Show 2 more dates
  1. 29 September to 3 October 2011
    Trading suspended

    Borsa Italiana suspends Bulgari trading on the 29th and 30th of September and 3 October. Source 4

  2. 4 October 2011
    Residual purchase and delisting

    LVMH acquires the remaining 6,666,839 shares at €12.25 each. The shares leave the Milan market. Source 4

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Source 1 Source 2 Source 3 Source 4 Source 5

The initial step exchanged shares

LVMH’s calendar records the issue of 18,037,011 LVMH shares in return for a Bulgari holding equal to 55.03% of the Italian company’s issued capital. That brought the Bulgari family’s majority holding into the combination. The subsequent offer gave outside shareholders a cash price per Bulgari share. Source 1 Source 2 Source 3

Two percentages describe the same tendered shares

The 109,183,898 shares tendered represented 92.09% of the shares subject to the offer and 31.31% of all Bulgari share capital. LVMH also reported 2,701,461 market purchases outside the offer during the acceptance period. Source 4

The last shares passed through a joint procedure

LVMH’s aggregate holding reached 98.09% on 28 September. Its final notice describes a purchase obligation and an exercise of the right to buy the remaining 1.91%. The company reported depositing about €81.67 million for that step. Source 4

The delisting ended trading in Bulgari shares

The exchange’s delisting took effect on 4 October after a trading suspension. LVMH lists Bvlgari in its watches and jewellery division today. The transaction notices describe the change in ownership and the exchange listing. Source 4 Source 5

Sources

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