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TAKING THE TRAIN: Luca Cordero di Montezemolo is looking at Orient-Express to expand his business. The Ferrari chairman and member of the PPR board, who was also named vice president of Italy-based banking organization UniCredit on Thursday, has teamed up with Ratan Tata, the chairman of India-based automotive giant Tata, to launch a tender offer for 100 percent of Orient-Express.
Founded in 1976 by James Sherwood, the company, which is listed on the New York Stock Exchange, owns several luxury hotels, including Venice’s Cipriani Hotel and the Splendido in Portofino, along with the storied trains connecting London, Venice and Istanbul.
The combined entity of Montezemolo’s Charme II fund, which controls Poltrona Frau and the Ballantyne cashmere brand, and Tata’s Ihcl holding offered to pay Orient-Express $12,63 per share for a total price of $1,86 billion.
The offer is currently on the table of the Orient-Express board, which has three weeks to examine the proposal.