Italian Sea Group stock rises after Sri Global’s €260m binding offer

Italian Sea Group shares rose 2.2% after Sri Global submitted a binding offer of €260m to acquire the marine group’s assets, according to Il Sole 24 Ore. The stock initially jumped about 12% on the news before trading was halted.

The proposal from the holding company led by Giulio Gallazzi includes €220m to acquire the entire industrial perimeter, including the Turkish subsidiary and Celi woodworking company, plus an additional €40m to finance the resumption of operations.

According to the newspaper, Sri Global’s 2027-2031 business plan projects revenue to rise from €104.9m in 2027 to €376.7m in 2031, with the Ebitda margin increasing from 9.2% to 14.6%. The holding company is targeting partnerships and acquisitions in Italy, as well as an expansion in North America, particularly through the Perini brand.

The Florence Court has scheduled a hearing for October 28, after court-appointed commissioners reported negative equity of €422.6m as of August 31 and a loss of €46.1m in the first eight months of 2026. The commissioners noted that the company’s adjusted balance is already negative as of October, with a funding requirement of approximately €17m by March 2027.

The court will examine reporting issues highlighted by some companies that submitted binding offers, as well as the appropriateness of directors’ remuneration and the independence requirements of recently appointed directors Sabrina Bruno and Massimo Mallegni.

Giovanni Costantino, CEO of Italian Sea Group, said both he and other board members have signaled their willingness to waive their remuneration. The court valued the company at around €162m, according to reports.