MILAN (MF-Dow Jones)--Immsi SpA (IMS.MI), parent of Piaggio
& C SpA (PIA.MI), has sold shares representing more than 1% of
the Italian scooter maker, taking profit from the strong rise in
its share price.
Immsi said in a statement Tuesday it had sold 5 million shares
in Piaggio to Banca IMI SpA, a unit of Intesa Sanpaolo SpA (ISNPY,
ISP.MI), which in turn would sell them to institutional
investors.
A person familiar with the situation told MF-Dow Jones that
Banca IMI had already sold the shares.
In Milan, Piaggio's shares ended down 2.07% at EUR2.60. But they
are still 16.2% higher than they were three months ago, according
to FactSet.
After the sale, Immsi has come to own 53.048% against a previous
54.393%, according to the statement.
-By Danilo Caselli, MF-Dow Jones; Gilles Castonguay, Dow Jones
Newswires; +39 02 5821 9908; gilles.castonguay@dowjones.com
