Italy's De Nora family to hold controlling stake in group after IPO


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MILAN - Italy's De Nora family will keep a controlling stake in their electrode-making company which aims to list next week while gas grid operator Snam will hold a "relevant" share, De Nora Industrie Chief Financial Officer Matteo Lodrini said.

De Nora Industrie, founded in 1923, is seeking to raise 200 million euros ($210 million) in fresh cash through its initial public offering (IPO), which will value the company up to 371 million euros.

Snam holds a 36% stake and De Nora brothers Federico and Michele hold a combined share of almost 64%, the IPO prospectus showed. Both shareholders will dilute their ownership with the upcoming IPO.

The Garrone family, which is the controlling shareholder of Italian energy group ERG, will commit to buying shares for up to 100 million euros, De Nora said.

"I can't rule out that (the Garrone's) stake will rise", De Nora Chief Executive Officer Paolo Dellacha told on the sidelines of a press conference.

Lodrini added the company aims to have a 20% free float.

Credit Suisse and Goldman Sachs International are joint global coordinators and joint bookrunners, BofA Securities, Mediobanca and UniCredit are joint bookrunners.

Latham & Watkins is acting as legal advisor to the company, legal firm Pedersoli is advising the De Nora family and Clifford Chance is advising the joint global coordinators and joint bookrunners.

($1 = 0.9506 euros)

(Reporting by Francesco Zecchini; Editing by Emelia Sithole-Matarise)

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