Investment group plans 'Euro' float

Click to follow
The Independent Online
CRAGNOTTI & Partners Capital Investment Group, Sergio Cragnotti's industrial holding company, plans a 'Euro' flotation at the beginning of 1995, Stanislas Yassukovich, the vice- chairman, said yesterday.

Simultaneous listings are planned in London, Amsterdam and Milan for C&P, which was formed two years ago. Mr Cragnotti, an Italian businessman, is best known for his presidency of (and stake in) the Lazio football club, which ranks Paul Gascoigne among its players.

However, Mr Cragnotti, a former managing director of Enimont, the joint venture created by ENI, the state-owned conglomerate, and Feruzzi-Montedison, the chemicals group, and his former boss Raul Gardini, Montedison's former chief executive, have also been in the headlines as the result of an investigation by Italian magistrates. This relates to claims that the value of Montedison's stake in Enimont was inflated when the joint venture was sold back to the state.

Mr Cragnotti raised 750m guilders from a number of institutional investors, including Ferruzzi, to form C&P. Based in Luxembourg, but with its operating arm in the Netherlands for tax reasons, C&P aims to invest in the packaging, food and household sectors in North America, Brazil and Europe.

Its most significant purchase has been a controlling interest in the Lawson Mardon packaging group, which it bought for around dollars 350m. Other investments include a controlling stake in Brazil's Bombril, the household cleaning group and in Fedital, the Italian food company.

Mr Yassukovich, a former chairman of Merrill Lynch Europe and the Securities Association, said the group had spent a considerable amount of time attempting to acquire the US Del Monte Foods tinned food group last year, but had been unable to agree a price.

C&P disclosed its first full-year results yesterday, showing net operating income of 233.6m guilders/dollars 129m (about pounds 84m) in 1992.