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Article: French real estate trust to enter Italian market MOVERSMARKETPLACE by Bloomberg
- Article from:
- International Herald Tribune
- Article date:
- February 20, 2007
- Author:
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Peter Woodifield
International Herald Tribune
02-20-2007
Fonciere des Regions, one of the largest French real estate investment trusts, will offer 2.6 billion in stock to buy Beni Stabili of Rome and enter the Italian market. In the deal, worth $3.4 billion, Fonciere, based in Metz, agreed to buy 35 percent of Beni Stabili, a leading Italian real estate company, from Leonardo Del Vecchio, the founder of the Italian eyeglass maker Luxottica, the companies said Monday. Fonciere will bid for the rest of the company at a price of one new share for every 100 Beni Stabili shares. ''It's a good price,'' said Tim Leckie, an analyst at J.P. Morgan Chase in London. ''The shares have already gained ...