ION Pushes Back Against Italy’s Requirements on Prelios Takeover
- Italy wants reassurance on Prelios debt after deal, people say
- Company says it’s working with government and making progress
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ION Group, the financial services firm run by Andrea Pignataro, is pushing back against scrutiny by Italy’s government of its planned €1.35 billion ($1.46 billion) takeover of asset manager Prelios SpA, saying the review puts the deal at risk, according to people familiar with the matter.
The government is seeking reassurance about what Prelios’s debt levels would be after the acquisition, and wants ION to submit a new request for approval once it has completed financing, Bloomberg reported Jan. 16. But banks that signed up to provide funding can only proceed once authorities clear the transaction, the people said, asking not be identified discussing an ongoing process. That’s effectively holding up the deal until the impasse is resolved.