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Ferrari boss sells iconic brands

PF2014adsUS office furniture group Hawarth is to buy Poltrona Frau, in a deal worth €339m (£281m). As well as the Poltrona Frau brand, the group also owns the iconic Casina, Cappellini and Thoner brands.

Hawarth is buying a 51% stake from Charme Investments, a investment firm set up by Luca Cordero di Montezemolo, who is also Ferrari chairman, and 7% from the founding Moschino family. Hawarth is paying a 20% premium to Poltrona Frau's current share price and hopes to buy the remaining shares before delisting the group.

Franco Moschini, Poltrona Frau president for the past 50 years, says the deal was 'the realisation of a big dream' as the company joins a larger global enterprise.

Hawarth, which makes flexible workplaces including movable walls, chairs and floating floors, had sales of £860m last year.