Stock up 6.93% (Il Sole 24 Ore Radiocor) - Milan , 27 Jun - Shares of the Italian eyewear manufacturer Safilo were sharply higher following Italian media reports it has abandoned efforts to purchase its peer Marcolin.

At 1045 GMT, Safilo shares were up 6.93% to 1.08 euros while the benchmark FTSE MIB index was down 0.55% at 33,357.96 points.

According to analysts at the Italian broker Intermonte, Safilo maintained that the price sought by Marcolin controlling shareholder PAI Partners of 1.3 billion euros was "too high." PAI currently owns 78.5% of Marcolin.

Intermonte noted that Safilo is not the first party to pull out of the running to buy Marcolin, with Franco-Italian eyewear giant EssilorLuxottica and French luxury goods group Kering also withdrawing from talks.

"In our opinion, at this price levels Safilo's interest in the acquisition was not high," Intermonte analysts said. "This development leave Marcolin still looking for a buyer and this could influence future consolidation strategies in the sector.".

AAA-Hob

(RADIOCOR) 27-06-24 12:49:59 (0339) 5 NNNN