By Elisa Anzolin MILAN, April 2 (Reuters) - Shareholders in Italy's Panini, the maker of collectible stickers, are expected to decide by year‑end on an external investment in the company famous for
Panini Owners May Decide on Sale or Investment by Year-End Amid Interest
By Elisa Anzolin
Panini Faces Strategic Decisions Amid Market Interest and Legal Challenges
MILAN, April 2 (Reuters) - Shareholders in Italy's Panini, the maker of collectible stickers, are expected to decide by year‑end on an external investment in the company famous for its football players' album, after two dozen potential buyers showed interest, a person close to the matter said.
Potential Transaction Timing and Financial Considerations
A transaction this year could benefit from the boost the World Cup traditionally brings to Panini's core profit.
Valuation Challenges and Legal Uncertainty
Given the fluctuations in earnings, a valuation for family-owned Panini is hard to pin down, with two financial sources pointing to the additional uncertainty caused by a lawsuit in the United States.
Speaking on condition of anonymity because the matter is confidential, the source said Modena-based Panini could be seeking a valuation of around 5 billion euros ($5.8 billion).
A representative for Panini was not immediately available to comment.
Strategic Options and Company Background
Panini last year picked Citi as a financial adviser to explore strategic options, including a full or partial sale and a stock market listing.
Ownership Structure and Recent Developments
Controlled by the Baroni and Sallustro families, Panini has explored a potential sale in the past.
The latest push comes after the death last year of shareholder and CEO Aldo Hugo Sallustro.
Interest from Potential Buyers
While no formal sale process has yet started, a broad range of parties, including private equity firms as well as sports and media groups, have expressed interest for a possible deal, the person said.
Legal Dispute with Fanatics
Panini is embroiled in a legal dispute with U.S. sports merchandising group Fanatics, which has secured some exclusive licensing rights previously held by the Italian firm.
Details of the Lawsuit
Panini America sued Fanatics in a U.S. court in 2023, accusing the rival of attempting to unlawfully dominate the market through anticompetitive practices.
Fanatics’ Acquisition of Topps and Suitor Status
Fanatics acquired trading card maker Topps in 2022 but the source ruled out Panini could consider it among suitors.
In December Fanatics CEO Michael Rubin told The Athletic that he had not interest in buying Panini.
Financial Context
($1 = 0.8618 euros)
(Reporting by Elisa Anzolin; Editing by Valentina Za)
