Italian department store chain Rinascente is likely to be delisted

The company’s majority shareholder, joint venture holding company Eurofind, has accumulated 72.1% of its shares, Il Sole 24 Ore reported today [Tuesday].

Eurofind, which is backed by French supermarket operator Auchan, and 51% controlled by IFIL SpA (I.IFL), the holding company of the Agnelli family which controls Fiat, offered €4.45 (US$4.41) per share for the group.

The 72.1% stake now gives Eurofind sufficient leverage to secure a delisting motion.