Italy's coffee maker Massimo Zanetti Beverages Group (MZB) is sticking to plans to list a 30 percent stake on the market this year, despite the flop of two initial public offerings on the Milan bourse last week, its chairman said on Friday. Italian drug maker Rottapharm and gaming group Sisal scrapped their IPO plans due to poor demand amid market volatility caused by troubles at the parent company of Portugal's biggest bank Banco do Espirito Santo and worries about a weak European economy.
But Massimo Zanetti said the withdrawal of the two share sales "did not change anything". "I have a clear plan in mind, we aim to list around 30 percent of the group in October," Zanetti told Reuters in an interview. The company, which sells global coffee brands Segafredo Zanetti and Chock full o'Nuts, has hired Banca IMI and BNP Paribas for the operation, he said. Zanetti expects MZB Group's IPO to raise funds for acquisitions and help keep the family-owned group independent.
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