Italy: pre-sale of Co.Pad.Or to Mutti
 
A Parmesan solution
Confirming what has been filtering through in the press, two renowned Italian operators had come forward to rescue Co.Pad.Or. Along with the offer from Mutti, the Casalasco consortium had also expressed its interest in acquiring the group. The receivers that were designated by the Parma commercial court to select the new owner of Co.Pad.Or decided to set up a formal auction process, which in the end was won by the company led by Francesco Mutti.
 
For the time being, Co.Pad.Or has just been leased to Mutti, but the arrangement is part of an acquisition commitment to be finalized in November. The lease for the duration of the coming processing season was finally awarded for EUR 2.2 million, after an initial valuation of EUR 1.2 million. For the final acquisition, the receivers have fixed an amount of EUR 25 million, which is approximately one quarter of the debts accumulated by the consortium.


“This is the first step in a process to relaunch this flagship company of the Parma industrial sector,” stated Mr. Mutti, shortly after the auction, “and it is already a major investment in the coming season, in the run-up to the acquisition auction. If we are to win Copador definitively, we will start very large investments for the modernization of the factory that has undeniable assets but also requires a number of changes.”