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Giueseppe Stefanel: “After five years we finally have Nuance in our grip” |
SWITZERLAND. The Nuance Group could be listed on the stock exchange as early as 2008, according to Giuseppe Stefanel, Chairman of Nuance 50% shareholder Stefanel Group.
Speaking to reporters at a Stefanel presentation yesterday, he said: “An IPO for Nuance could [take place] next year.”
He did not confirm that Nuance would definitely be quoted on the stock exchange, although he said that the company’s investment in Nuance was beginning to pay off.
“After five years we finally have Nuance in our grip, and it is getting better,” Stefanel said.
Stefanel’s comments sent his company’s share price soaring on the Italian stock exchange yesterday. According to The Moodie Report Travel Retail Stock Watch (a daily ticker-tape monitoring of travel retail-related shares), the group’s share price surged by +5.94% to €3.39 on the news.
A Nuance IPO has long been part of its shareholders’ strategy, but now appears to be taking shape as the company exits troubling, loss-making contracts (such as Rome and Copenhagen Airport) and strikes new long-term agreements such as those at Antalya and Amsterdam Schiphol airports.
It has also retained key business at Sydney Airport on revised terms, diluted its losses in Australasia by divesting 40% of its regional operation, and looks set to hold on to its pivotal Singapore Changi fragrances & cosmetics contract after outbidding its rivals by some distance.
Stefanel’s comments therefore come as no surprise, but the timing suggests Nuance is moving into much more robust shape. As long ago as October 2004 Nuance CEO Roberto Graziani told The Moodie Report: “There has always been the idea to list the company after three to four years. They [our co-shareholders] are not interested in listing a company that from a financial potential point of view is not at the highest level. But they think there is huge potential.
“They are willing to stay in the business and they are taking into consideration the possibility to go public when the situation of the company is improved.”
Although one has to be cautious of impromptu comments made at press conferences, Giuseppe Stefanel’s words suggest the time may be nearing.
MORE STORIES ON THE NUANCE GROUP
Speed, convenience and flexibility: the Nuance “˜Swift’ approach takes shape – 29/05/07
Auckland creates a two-way race between DFS and Nuance for single retailer contract – 21/05/07
Nuance-Watson (Singapore) places commanding bid for Changi Perfumes & Cosmetics contract – 21/05/07
Schiphol Group and Nuance create landmark joint venture at Amsterdam Airport Schiphol – 07/05/07
