Colony Capital Makes Bid For Italian RE Co. Risanamento

Law360, New York (February 20, 2014, 2:33 PM EST) -- Italian real estate company Risanamento SPA confirmed Thursday that it had received a buyout offer from a joint venture of Colony Capital and Risanamento founder Luigi Zunino, after Italian media speculated about the deal.

Risanamento crashed hard during 2009's global downturn and got out of Milan bankruptcy court with a €500 million ($684 million) debt restructuring, after Zunino was left with a minority stake and Intesa Sanpaolo and Unicredit Group became its largest shareholders.

Under the proposed deal, Colony would get a 70 percent stake in...
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