CVC and GBL hold 74.3% of Recordati at close of takeover offer
The CVC and GBL consortium secured 74.3% of Italian drugmaker Recordati, clearing the 66.7% minimum but falling short of the 90% needed to delist.
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what happened
CVC and Belgian investment firm GBL have gathered a 74.3% stake in Italian pharmaceutical group Recordati by the end of the offer period, according to a regulatory filing published on Friday. The result clears the 66.7% minimum acceptance level the consortium had set, but stays below the 90% needed to delist the company. The Italian Stock Exchange said investors tendered shares for a 62.15% stake, to which CVC's 6.9% market purchase, GBL's 3.3% holding and an extra 1.96% obtained by CVC through derivatives are added.
why it matters
The bid, raised earlier this month to 53 euros a share, values Recordati at around 11 billion euros. The offer reopens between November 3 and 9. If the 90% threshold is not reached, the consortium could seek a merger, which would leave minority shareholders holding stock in an unlisted company.
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- CVC, GBL hold 74.3% of Italian drugmaker Recordati at end of takeover offer period — Reuters, 23 October 2026 at 17:33 UTC
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