ROME, Sept 17 (Reuters) – Beretta Holding is set to launch a bid to raise its stake in U.S. group Sturm, Ruger & Co to 25% from around 10% “in the coming hours”, Italian newspaper Il Sole 24 Ore reported on Thursday, citing sources close to the dossier.
The Luxembourg-based holding owns Italy’s Beretta, the world’s oldest gunmaker, and currently has a 9.93% stake in Sturm Ruger, according to LSEG data. It did not immediately respond to a request for comment.
With the transaction, it will also be able to appoint two board members at Ruger, Il Sole said.
The stake hike would follow Wednesday’s announcement by Sturm Ruger that applicable regulatory conditions under its previously announced cooperation agreement with Beretta Holding have been satisfied.
(Reporting by Alvise Armellini, editing by Gianluca Semeraro)
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