Claudio Costamagna and Andrea Morante entered into an agreement to acquire 71.2% stake in Fope S.p.A. (BIT:FPE) from Ines Cazzola, Umberto Cazzola, and others for €32.9 million on February 21, 2020. The stake is valued at €35 million or €9.25 per share. Ines Cazzola, Umberto Cazzola, together hold 59.16% stake in Fope S.p.A. Claudio Costamagna and Andrea Morante have also entered into an agreement for the acquisition of the stake held by the heirs of Giulia Cazzola, amounting overall to the 12.04% of the Fope S.p.A., at the same purchase price. Upon closing of the transaction, Claudio Costamagna and Andrea Morante will promote a tender offer on the remaining Fope S.p.A. shares at the same purchase price. Diego Nardin will be appointed as Chief Executive Officer of Fope S.p.A. The stake acquisition is subject to the authorizations provided by applicable Laws. The transaction is expected to close in the month of April 2020. As of April 9, 2020, completion is expected on May 20, 2020. Italo De Santis and Federico Amoroso of Chiomenti Studio Legale acted as legal advisors to Claudio Costamagna and Andrea Morante, while Alessandro Piermanni, Daniele Sotgiu, Marianna Busetti and Francesco Aleandri of DLA Piper acted as legal advisors to the Cazzola family.