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Private equity fund L Catterton and the Ontario Teachers’ Pension Plan (OTPP) said they had completed the sale of an around 5.7 per cent stake in Italian cosmetics manufacturer Intercos at a price of €13.25 ($14.36) per share.

The price represents a 6.8 per cent discount to Tuesday’s closing value of €14.15 per share.

Shares in Intercos fell as much as 6 per cent to €13.30 on Wednesday.

The sale took place through an accelerated bookbuilding procedure managed by Jefferies and UBS, while Rothschild & Co acted as financial adviser to the sellers.

Gross proceeds from the placement totalled about €73-million. The deal will settle on March 31. L Catterton and OTPP will come to hold, respectively, 13.3 per cent and 10 per cent of Intercos, as a result of the deal.

Intercos started trading in Milan in November 2021, after listing its shares at a price of €12.50 each.

Intercos is controlled by founder Dario Gianandrea Ferrari through a 40.5 per cent stake.

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