The Dutch food group Wessanen NV announced on July 3 that it had sold a stake of about 30 per cent in Italian drinks company Campari for 31 Euros a share, as part of the initial public offering of Campari, reports Reuters. The remaining five-per-cent stake Wessanen owns in Campari is part of an overallotment option or green-shoe, which was granted to Deutsche Bank and UBS Warburg, the joint global coordinators for the IPO. According to Wessanen, and assuming the green-shoe will be exercised, the group will have sold its entire 35 per cent stake in Campari for Euro315m, generating a book profit of more than Euro100m. Wessanen claimed it would use the proceeds of the share sale to focus on health foods. Last month it reported it planned to sell its entire Campari stake.
