Arum, controlled by B.F. executive chairman Federico Vecchioni, and Dompé Holdings, the holding company of Sergio Dompé, announced on 21 April a voluntary tender offer at €5.00 a share in cash for all of the B.F. shares they did not already own.
Why Arum S.p.A. and Dompé Holdings S.r.l. is buying B.F. S.p.A.
The offerors said the offer was not intended to delist B.F. but to increase their holdings and settle governance arrangements to secure a stable ownership structure, alongside a planned shareholder agreement between them.
Deal terms and financing
Arum held 24.1% and Dompé Holdings 25.0% of B.F. before the offer. They sought up to 133,242,020 shares, or 50.878% of the capital, at €5.00 each, a 13.8% premium to the price on 20 April, for a maximum outlay of about €666m.
Regulatory approvals and timing
The Italian government's golden power condition was satisfied on 22 June. On 6 July the offerors announced final results giving them and concert parties 88.057% of the capital, the offer became unconditional and payment followed on 10 July 2026. Remaining regulatory authorisations and the shareholder agreement became effective in August.
Market context
B.F.'s other significant shareholders before the offer included Fondazione Cariplo, Eni Natural Energies, the state agrifood agency ISMEA and Inarcassa.
