Climaveneta-iFXJAPAN: Mitsubishi Electric has completed its initial acquisition of 74.97% of the share capital of Italian manufacturer DeLclima SpA for €508m.

Mitsubishi will now launch an offer for the remaining share capital of DeLclima and its air conditioning chiller companies Climaveneta and RC Group.

The initial acquisition is confirmed in an announcement today by the Japanese manufacturer in which it says: “Following the closing of this transaction, in compliance with Italian financial law and CONSOB regulations, a mandatory tender offer will be launched in Italy by Mitsubishi Electric in order to acquire the remaining shares representing approximately 25.03% of the share capital of DeLclima, resulting in a delisting and 100% ownership of the share capital of DeLclima.”

The total consideration in relation to the mandatory tender offer is expected to be approximately €170m.

DeLclima based in Treviso, Italy, was formerly known as De’ Longhi Clima SpA, changing its name to DeLclima SpA in January 2012 when it demerged from De’ Longhi’s household products business.

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