Fiere di Parma and Fiera Milano towards integration: here is the structure of the large shareholders
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A decisive week for the operation which envisages the entry of Fiera Milano into the shareholding structure of Fiere di Parma, in exchange for the transfer to Parma, by Milan, of its event dedicated to agri-food, Tuttofood, which will physically remain in the exhibition spaces of Rho, but will be managed by Parma, with the name of «Tuttofood powered by Cibus».
On Monday, the approval by the City Council, with a large majority (including a part of the opposition), of the resolution on the new governance of the company paved the way for the integration between the Emilia-based trade fair group and Fiera Milano, aimed at creating a common Italian exhibition platform dedicated to the agri-food sector, able to compete with the main European events in the sector, the German Anuga and the French Sial.
The operation
Today the approval of the shareholders’ meeting of Fiere di Parma is expected and within the week, probably already this Thursday, the last step, ie the go-ahead from the board of directors of Fiera Milano. Then it will be done: Fiera Milano will enter the capital of Fiere di Parma through the subscription of a capital increase of the latter, reserved for the Milanese group. Fiera Milano will receive a value in shares in exchange for the transfer of a branch of the company, Tuttofood.
The new corporate structure
The exact composition of the corporate structure – with the redistribution of shares following the entry of Fiera Milano – will be announced in the next few days, together with the transfer of the business branch, but the percentages assigned to the main shareholders have already been announced during last Monday’s city council meeting. Crédit Agricole will remain the first shareholder, which will drop from the current 32.42% to approximately 26%, while Fiera Milano will be the second shareholder, with 18.5% of the shares (which correspond to the value of 16.5 million euros attributed to Tuttofood after a series of expert reports). Municipality and Province of Parma, which today each hold 19.58%, will instead drop to around 16%.
Precisely the weight of public shareholders was one of the main issues addressed in recent months, to reach an agreement, as explained by Michele Guerra, the mayor of Parma who took over the dossier last July, after the installation of his council elected in June.
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