(Alliance News) - GPI Spa on Monday informed that its board of directors -- taking into account the binding offers received regarding the valorization of its subsidiary Argentea Srl -- has resolved to start exclusive negotiations with Zucchetti Spa for the sale of its investee.

"The offer received from Zucchetti testifies how two important Italian industrial realities, although operating in distinct sectors, can find convergences that allow both of them an important opportunity for growth and development," reads the company note.

The two companies are working with their consultants and associates to reach the completion of the transaction hopefully by the first quarter of 2024.

GPI trades in the green by 1.1 percent at EUR9.38 per share.

By Maurizio Carta, Alliance News reporter

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