Italy:

Italian Steel Manufacturing Company Buys Stake in Ormat Technologies for $79.6m (Geo News)

FIMI Logos over the years (Courtesy FIMI)

Fabbrica Impianti Macchine Industriali (FIMI) of  Viganò, Italy has paid $79.6m to seal a deal in which the company will buy 11.7 per cent of  Bronicki Investments’ (BIL) interest in the geothermal company Ormat Technologies.

Ormat Technologies is part of a larger company called Ormat Industries, of which BIL is the controlling shareholder.

Under the proposed transaction, FIMI will buy 13,715,934 of Bronicki’s shares at $0.26 each. The price reflects a sizable premium of 27 per cent to the closing price on the Tel Aviv stock market.

If the transaction runs smoothly, including the stability of the share price and subject to BIL’s sale of around 1.75 million shares, each party will hold 22.50 per cent of the issued and outstanding stock of Ormat Industries on a fully diluted basis.

Jointly, the parties will own 44.50 per cent of the issued and outstanding stock of Ormat Industries on a fully diluted basis.