Safilo finance talks collapse

Safilo's talks with venture capitalists Bain Capital have collapsed, causing the company's share price to fall by 9.62 per cent.

Safilo's board of directors postponed the release of financial results for the first half of 2009, after reporting that ongoing negotiations with 'leading international private equity funds aimed at a recapitalisation of Safilo Group have been terminated'. It claimed that the interested parties withdrew from the negotiation without presenting any offers.

A Safilo statement said the meeting to approve the half-year 2009 results was put back until August 4 so that the current situation could be evaluated, 'with potential actions put into place to guarantee a sustainable capital structure going forward'.