The final and definitive offers of the three investors in the tender were delivered to the notary.
Now for the Extraordinary Commissioner of Conbipel, the Turin lawyer Luca Jeantet, the most complex and delicate phase is triggered: choosing the buyer who will offer greater guarantees for the continuity of the Asti group. One goal prevails over all, the Commissioner assures: “Safeguard the reality of Cocconato and as many jobs as possible”.
In recent days there have been fibrillations on the outcome of the negotiations. There have been worried rumors about possible cuts to the Cocconato headquarters. What’s the situation?
«The sales process is proceeding smoothly but is by no means finished. From 21 January, contacts have been made with the three investors who had submitted a binding offer. The work of these weeks has made it possible to obtain improvements compared to the initial proposal. The final proposals were delivered on Friday and are now under consideration. I would like to clarify that the price is only one of the evaluation parameters, as was clearly indicated in the announcement ».
So attention to jobs comes first.
«The mission that I have given myself since the beginning of the extraordinary administration path is to save the Cocconato headquarters which alone (between the headquarters and the warehouse) guarantees about 220 jobs with a significant impact on the local economy. The Mayor and the trade unions with whom I have had constant relations know how important this aspect is for me. Now it is a question of finding a balance between the purchase price that protects creditors and maximizing employment ».
The indiscretions give Piazza Italia in the field which, as it turns out, has visited the Cocconato headquarters on several occasions. There was also talk of investment funds. Can you confirm us?
«The identity of the competitors is protected by confidentiality restrictions. Several operators visited the site. What I can say with the utmost frankness is that there are no favorites ».
In the sale of a company branch, the regulatory constraint on the maintenance of jobs is valid for only two years.
«Let’s start from a positive fact: the three proposals include the Cocconato headquarters in their perimeter and provide for the preservation of the brand. The evaluation parameters include the purchaser’s autonomous industrial strength and his financial capacity. In the analysis of the offer, the solutions that from an industrial point of view offer greater guarantees for the maintenance and future development of the Group, beyond the minimum time of two years, will therefore be exploited “.
How are the sales going?
«The market environment is difficult for everyone. Retail has lost revenues of 30 to 35% compared to the pre Covid situation, Conbipel has faced two lockdowns without aggravating the debt situation. The brand overcame the pandemic by acquiring customers both in stores and online. The purchase offers testify that it is attractive ».
What are the next steps?
«The three offers are valid until mid-May so times are necessarily tight. The month of March will be entirely dedicated to the analysis of the latest papers delivered by competitors. Supported by the consultants, I will then present the award proposal to the Supervisory Committee which expresses a mandatory opinion. The application will then pass to the Ministry of Economic Development which has the last word. The goal is to close the procedure by 30 April, entrusting the keys of the Group to the buyer who will offer the best conditions ».
When will workers be informed?
«As soon as the Ministry for Economic Development will decide, I will give immediate confirmation of the decision to the workers. I trust to be able to do it in the first days of April. At that point, discussions will begin with the selected buyer called to sign an agreement with the national trade unions and with individual employees, a total of about 1500, between the headquarters and the shops ».
Do you have a message for Conbipel employees?
«The work done in recent months has been extraordinary and indispensable to guarantee the protection of the Group which, I am convinced, has solid roots. I ask everyone to have patience and trust in the future. Now is the time to keep your nerve. ” –