Article Abstract:
The management buyout market in Italy is predicted to gather momentum after the decline it experienced, in 1994-95. The economy is becoming increasingly competitive and the tax system more favourable for investors. The value of transactions carried out, in 1996, reached 656 million pounds sterling compared to 250 million pounds sterling, in 1993. Buyout transactions accounted for 30% of venture capital investments, in 1996. Privatisation is seen as a possible area of expansion for buyouts. The majority of buyouts were as a result of private companies experiencing succession difficulties.
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Article Abstract:
The value of management buyouts in Italy fell by 15% in 1994 from 1993 to 345 million pounds sterling, with the number of deals down to 22, from 31. The Italian buyout market has failed to live up to expectations, possibly because of the country's inflexible financial system and a low level of merger and acquisition activity. The market has potential, but may take some years to develop.
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Article Abstract:
In 1995, 15 buyout/buyin transactions were completed in Italy, with a total value of 175 million pounds sterling. Average value per deal fell to 11.7 million pounds. As a total of the venture capital industry, buyouts accounted for an eighth, representing a drop from a third in 1994. Forecasts for 1996 are optimistic. The Italian buyout/buyin market is discussed in greater detail.
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