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CVC, GBL secure over 90% of Recordati, clear path to delisting - Finance news and analysis from Global Banking & Finance Review
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CVC, GBL secure over 90% of Recordati, clear path to delisting

Published by Global Banking & Finance Review

Posted on November 9, 2026

1 min read

· Last updated: November 9, 2026

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CVC and GBL Acquire Over 90% of Recordati, Paving Way for Delisting

Majority Stake Acquisition and Implications for Recordati

Consortium Secures Over 90% Stake

MILAN, Nov 9 (Reuters) - Private equity firm CVC and Belgian investment group GBL secured more than 90% of Italian pharmaceutical group Recordati at the end of the takeover offer period, a regulatory filing showed on Monday, paving the way for the delisting of the company.

Key Details of the Takeover Offer

  • The additional shares tendered on Monday took the consortium's holding above the 90% threshold required to delist the €11 billion ($12.32 billion) drugmaker
  • The offer closed at 1630 GMT on Monday
  • CVC and GBL offered €53 per share
  • Following the close of the offer, the consortium's holding rose to 91.9%, according to Reuters calculations based on Borsa Italiana data
  • The figure does not include any shares acquired on the market by CVC or GBL on Monday
Financial Context

($1 = 0.8926 euros)

Reporting Credits

(Reporting by Elisa Anzolin and Giulio PiovaccariEditing by Tomasz Janowski)

Key Takeaways

  • The consortium raised its holding to 91.9% through the latest share tender, sufficient to trigger delisting mechanisms under Italian law.
  • Their “best and final” €53 per‑share offer, including dividend, represents a significant premium and drew support of over 90% of shareholders.
  • If the 90% threshold wasn’t met, the bidders intended to delist via a merger with Respighi BidCo; hitting above 90% simplifies the squeeze‑out process for remaining minority shareholders.

Frequently Asked Questions

What percentage of Recordati shares did CVC and GBL secure?
CVC and GBL secured 91.9% of Recordati shares at the end of the takeover offer period.
Why is Recordati being delisted?
Recordati is being delisted because CVC and GBL acquired more than the 90% threshold needed to remove the company from the stock exchange.
What was the offer price for Recordati shares?
CVC and GBL offered €53 per share for Recordati.
How much is Recordati valued at in the takeover?
The takeover values Recordati at approximately €11 billion ($12.32 billion).
When did the takeover offer close?
The takeover offer for Recordati closed at 16:30 GMT on Monday.

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