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Popolare Sells Assets to Vision Capital for About EU250 Million

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May 20 (Bloomberg) -- Banco Popolare SC agreed to sell assets including glass and plastic-packaging manufacturer Bormioli Rocco to private-equity fund Vision Capital for about 250 million euros ($354 million).

Popolare, Italy’s fourth-biggest bank, agreed to sell its 95 percent stake in Bormioli for about 238 million euros and a portfolio of investments held by unit Efibanca for 10.5 million euros, according to a statement today. The lender’s Core Tier 1 ratio, a measure of financial strength, will rise 2 basis points after the sale.

Chief Executive Officer Pier Francesco Saviotti is cutting costs and selling non-strategic assets to recover from losses linked to the company’s Italease unit. The lender, which aims to present a new business plan by June, sold 2 billion euros in new shares through a rights offer earlier this year ahead of a second round of stress tests.

The Verona-based lender will post a capital gain of about 5 million euros from the sale of its Bormioli stake, a spokesman, who declined to be identified citing company policy, said by phone.

The shares fell as much as 2.1 percent and traded at 1.89 euros, down 2 percent, at 4:18 p.m. in Milan, giving the company a market value of 3.3 billion euros.

To contact the reporter on this story: Sonia Sirletti in Milan at ssirletti@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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