Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Suning to pay €270 million for near-70% stake in Inter Milan
BackBack

Suning to pay €270 million for near-70% stake in Inter Milan

Suning's deal to take control of Inter Milan is the latest step in a plan to create a global sports empire stretching from soccer clubs to online broadcasting

Suning’s chairman Zhang Jindong attends a news conference with Chinese retailer Suning and Italy’s Inter Milan in Nanjing. Photo: Aly Song/ReutersPremium
Suning’s chairman Zhang Jindong attends a news conference with Chinese retailer Suning and Italy’s Inter Milan in Nanjing. Photo: Aly Song/Reuters

Nanjing: Chinese retail giant Suning Commerce Group Co Ltd has agreed to buy nearly 70% of famed Italian football club Inter Milan for €270 million ($307 million), the highest-profile takeover of a European team so far by a Chinese firm.

Suning confirmed the deal on Monday at a joint news conference with Inter Milan executives, including current majority owner and president Erick Thohir, in the eastern Chinese city of Nanjing.

With President Xi Jinping an avid supporter of football, Suning’s deal to take control of Inter Milan, which last won the European Champions League in 2010, is the latest step in a plan to create a global sports empire stretching from soccer clubs to online broadcasting.

A person familiar with the matter told Reuters earlier that Suning will buy a 68.55% stake in the Italian club. Thohir will cut his stake in the club to 31%, while former president Massimo Moratti will sell off his entire stake in the club of just under 30%, according to the person, who spoke on condition of anonymity because the matter was confidential.

In a statement, the soccer club said Thohir will stay on as president and become the sole minority shareholder in Inter Milan, while Moratti will exit the club. Reuters

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 06 Jun 2016, 02:08 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie