Eurofind has stated that it has no plans to sell its assets if it succeeds in its takeover bid for Italian retailer Rinascente.

The statement came yesterday [Thursday] after an Italian fund manager who holds shares in Rinascente asked the group’s controlling shareholders to disclose any plans to sell the retailer.

Franco-Italian holding Eurofind responded that it was not its intention to change its shareholder structure or sell its assets.

“No agreement to change the shareholding structure of Eurofind or to sell their stakes to a third party or each other has been discussed,” Eurofind said in a statement.

Eurofind is owned by French retail group Auchan, and earlier this month launched a takeover bid for Rinascente valued at €735m (US$731.3m). Eurofind already owned a 58.6% stake in Rinascente.

Eurofind has revealed it plans to take Rinascente off the Milan Stock Exchange if the takeover bid, which runs until today, is successful. The company has offered shareholders a premium over the share price, but shareholders had been concerned that they could still lose out if Eurofind subsequently sold the retailer on at a higher price.

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By GlobalData