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	<title>Palazzari &#038; Turries</title>
	<link>http://www.palazzari.com</link>
	<description>joint ventures - restructuring - mergers &#038; acquisitions - private equity advisory</description>
	<pubDate>Wed, 18 Jan 2012 10:30:05 +0000</pubDate>
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		<title>MITTEL CORPORATE FINANCE AND PALAZZARI &#038; TURRIES – COOPERATION AGREEMENT</title>
		<link>http://www.palazzari.com/2012/01/18/mittel-corporate-finance-and-palazzari-turries-%e2%80%93-cooperation-agreement/</link>
		<comments>http://www.palazzari.com/2012/01/18/mittel-corporate-finance-and-palazzari-turries-%e2%80%93-cooperation-agreement/#comments</comments>
		<pubDate>Wed, 18 Jan 2012 08:15:56 +0000</pubDate>
		<dc:creator>corrado</dc:creator>
		
		<category><![CDATA[Publication]]></category>

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		<description><![CDATA[Milan - Hong Kong,  16 January 2012.,


Mittel Corporate Finance S.p.A.,., a company of Mittel Group specializing in M&#38;A and grant advisory, has signed a cooperation agreement with Palazzari &#38; Turries Hong Kong aimed at supporting companies in the access to subsidized financing, alternative or complementary to the traditional banking funding, granted by national, international and [...]]]></description>
			<content:encoded><![CDATA[<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><strong><span style="font-family: 'Times New Roman','serif'"><font size="3">Milan - Hong Kong,<span>  </span>16 January 2012.,</font></span></strong><font size="3"><br />
</font></font></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"></font></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><font size="3"></p>
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<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><strong><span style="font-family: 'Times New Roman','serif'"><font size="3">Mittel Corporate Finance S.p.A.,</font></span></strong><font size="3">., a company of Mittel Group specializing in M&amp;A and grant advisory, has signed a cooperation agreement with <strong>Palazzari &amp; Turries</strong> Hong Kong aimed at supporting companies in the access to subsidized financing, alternative or complementary to the traditional banking funding, granted by national, international and super-national institutions in connection with internationalization projects in Asia.<em><span style="font-family: 'Times New Roman','serif'"><span>“With this cooperation agreement – explains Andrea Stoffella, Head of Grant Advisory Department of Mittel Corporate Finance – we intend to strengthen our market coverage and penetration, being sure that Palazzari &amp; Turries will effectively contribute to create new professional opportunities thanks to his over ten-year presence in Asia”.“The unique experience of </span><span><span> </span>Mittel Corporate Finance in grant advisory – states Federico Palazzari, partner of Palazzari &amp; Turries – shall become increasingly important in supporting the expansion strategies in Asia of our European customers.” Grant advisory transactions recorded a significant growth in recent years as a result of the increased resources made available by the European Union and other international and super-national institutions. The expectations for the future indicate a further development of these financing tools as a source of additional funding to the traditional banking system, with the aim of supporting the internationalization and research and development projects of the companies.</span><strong><span style="font-family: 'Times New Roman','serif'; color: #003366; font-size: 11.5pt" lang="EN-GB"> </span></strong></span><font face="Times New Roman"><span><span style="font-size: 14pt"><font face="Times New Roman"><font size="3"><span lang="EN-GB"></span><span lang="EN-GB"></span><span lang="EN-GB"></span><span lang="EN-GB"><span lang="EN-GB"></span></span></font></font></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"></span></span></font></em></font></font></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><font face="Times New Roman"><font size="3"><span lang="EN-GB"><font color="#0000c0"><span style="font-family: 'Times New Roman','serif'; color: #003366; font-size: 12.5pt"></span></font></span><span lang="EN-GB"><font color="#0000c0"><span style="font-family: 'Times New Roman','serif'; color: #003366; font-size: 12.5pt"></span></font></span><span lang="EN-GB"></span><font style="font-family: 'Times New Roman','serif'" lang="EN-GB"><font color="#000000"><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"><span lang="EN-GB"></span></span></font></font></font></font></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><font face="Times New Roman"><font size="3"><font style="font-family: 'Times New Roman','serif'" lang="EN-GB"><font color="#000000"><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"><span lang="EN-GB"></span></span></font><font color="#000000"><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"><span lang="EN-GB"><font color="#003366"><span lang="EN-GB"></span></font></span></span></font><font color="#000000"><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"><span lang="EN-GB"><font color="#003366"><span lang="EN-GB"></span></font></span></span></font></font></font></font></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><font face="Times New Roman"><font size="3"><font style="font-family: 'Times New Roman','serif'" lang="EN-GB"><font color="#000000"><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"><span lang="EN-GB"><font color="#003366"><span lang="EN-GB"></span></font></span></span></font></font></font></font></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><font face="Times New Roman"><font size="3"><font style="font-family: 'Times New Roman','serif'" lang="EN-GB"><font color="#000000"><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"><span lang="EN-GB"><font color="#003366"><span lang="EN-GB"></span></font></span></span></font></font></font></font></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><font face="Times New Roman"><font size="3"><font style="font-family: 'Times New Roman','serif'" lang="EN-GB"><font color="#000000"><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"><span lang="EN-GB"><font color="#003366"><span lang="EN-GB"></p>
<h1 style="text-align: left; line-height: normal; margin: 0cm 0cm 0pt; tab-stops: 459.0pt" align="left"><span lang="EN-GB"></span></h1>
<h1 style="text-align: left; line-height: normal; margin: 0cm 0cm 0pt; tab-stops: 459.0pt" align="left"><span lang="EN-GB"><font size="3">About Mittel Corporate Finance </font></span></h1>
<p> <font color="#000000"><span style="font-family: 'Times New Roman','serif'" lang="EN-GB">Mittel Corporate Finance S.p.A. is an independent financial advisory company specializing in domestic and cross-border Mergers and Acquisitions and in grant advisory. Mittel CF </span><span style="font-family: 'Times New Roman','serif'" lang="EN-GB">is controlled by Mittel S.p.A., holding company listed on the Italian Stock Exchange.</span><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"></span></font><span style="font-family: 'Times New Roman','serif'; color: black" lang="EN-GB"> </span></p>
<p><span style="font-family: 'Times New Roman','serif'; color: black" lang="EN-GB"><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"><font color="#000000">Mittel Corporate Finance </font></span></span></p>
<p><span style="font-family: 'Times New Roman','serif'; color: black" lang="EN-GB"><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"></span></span></p>
<p></span></font></span></span></font><span style="font-family: 'Times New Roman','serif'; color: black" lang="EN-GB"><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"></span></span></font></font><span style="font-family: 'Times New Roman','serif'; color: black" lang="EN-GB"><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"></span></span></font></span></span></font></font></font></span><span style="font-family: 'Times New Roman','serif'; color: black" lang="EN-GB"><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"></span><u><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"><font color="#000000">mcf.mittel.it</font></span></u><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"><font color="#000000"> </font></span></span></span></span></font><span style="font-family: 'Times New Roman','serif'; color: black" lang="EN-GB"> </span><span style="font-family: 'Times New Roman','serif'; color: black" lang="EN-GB"></span><span style="font-family: 'Times New Roman','serif'; color: black" lang="EN-GB"></span><span style="font-family: 'Times New Roman','serif'; color: black" lang="EN-GB"><font size="3"><font color="#003366">About Palazzari &amp; Turries</font></font></p>
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<p><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"><span lang="EN-GB"><font size="3"><font color="#000000">Palazzari &amp; Turries is an M&amp;A advisory firm based in Hong Kong and Milan specializing in advising Italian and European companies and entrepreneurs in the structuring, development and management of their investment and business activities in Hong Kong, China and Asia.</font></font></span><span lang="EN-GB"><font size="3" color="#000000"> </font></span></span><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"><font size="3"><font color="#000000"><span style="font-family: 'Times New Roman','serif'">Palazzari &amp; Turries is also participated by Tamburi Investment Partners (TIP), an investment merchant bank listed on the Italian Stock Exchange.</span><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"></span></font></font><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"><font size="3" color="#000000"> </font></span></span></p>
<p><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"></span><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"><font size="3"><font color="#000000">Palazzari &amp; Turries</font></font></span></span></span></p>
<p><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"></span></span></span></p>
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<p style="text-align: justify; margin: 0cm 2.2pt 0pt 0cm" class="MsoNormal"><u><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"><font size="3"><font color="#000000"><a href="http://www.palazzari.com/">www.palazzari.com</a></font></font></span></u></p>
<p><u><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"></span></u></p>
<p><span style="font-family: 'Times New Roman','serif'" lang="EN-GB"><span><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman" color="#254672"><span><span style="font-size: 14pt"><span><span><span style="font-size: 14pt"><span><font face="Times New Roman"><strong><span style="font-family: 'Times New Roman','serif'"><font size="3"><a href="http://www.palazzari.com//uploads/pt-press-release-cooperation-agreement-with-mittel-cf.pdf" title="Download pdf here">Download pdf here</a></font></span></strong></font></span></span></span></span></span></span></font></span></span></span></font></span></span></p>
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		<title>BOLZONI GROUP – THE TAIWANESE CONGLOMERATE TIGER ACQUIRES 20% OF BOLZONI HOLDING OF HONG KONG</title>
		<link>http://www.palazzari.com/2011/10/24/bolzoni-group-%e2%80%93-the-taiwanese-conglomerate-tiger-acquires-20-of-bolzoni-holding-of-hong-kong/</link>
		<comments>http://www.palazzari.com/2011/10/24/bolzoni-group-%e2%80%93-the-taiwanese-conglomerate-tiger-acquires-20-of-bolzoni-holding-of-hong-kong/#comments</comments>
		<pubDate>Mon, 24 Oct 2011 09:29:40 +0000</pubDate>
		<dc:creator>corrado</dc:creator>
		
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		<description><![CDATA[Shanghai, 22 October 2011

Bolzoni S.p.A.,the European leader in the production of lift-truck attachments listed in the STAR segment of the Italian Stock Exchange, has announced that on 22nd October has been given the final completion to the execution of the contract whereby the Tiger Group of Taiwan acquires from Bolzoni S.p.A. a 20% share in [...]]]></description>
			<content:encoded><![CDATA[<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><strong><span style="font-family: 'Times New Roman','serif'"><font size="3">Shanghai, 22 October 2011</font></span></strong></font></span></span></span></font></p>
<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><strong><span style="font-family: 'Times New Roman','serif'"></span></strong></font></span></span></span></font></p>
<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><strong><span style="font-family: 'Times New Roman','serif'"><font size="3">Bolzoni S.p.A.,</font></span></strong><font size="3">the European leader in the production of lift-truck attachments listed in the STAR segment of the Italian Stock Exchange, has announced that on 22nd October has been given the final completion to the execution of the contract whereby the Tiger Group of Taiwan acquires from Bolzoni S.p.A. a 20% share in Bolzoni Holding Hong Kong, for a value of about 2 million euros in cash, with a total subscription in share capital increase, to be employed to pursue the development plans already set up in China by the Bolzoni Group. The Asian Holding of the Italian multinational Group, European leader in the attachment market for fork lift trucks, currently controls 60% of Bolzoni Huaxin Co. Ltd., a company manufacturing forks, with a production plant which at the third year of activity will produce 150 thousand forks and 20% of Huaxin Forks Co. Ltd., a long-standing Chinese leading company in this segment.<span style="font-family: 'Times New Roman','serif'"> </span></font></font></span></span></span></font></p>
<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><font size="3"><span style="font-family: 'Times New Roman','serif'"></span></font></font></span></span></span></font></p>
<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><font size="3"><span style="font-family: 'Times New Roman','serif'"></span><span style="font-family: 'Georgia','serif'"></span><span style="font-family: 'Times New Roman','serif'">Furthermore, Bolzoni Hong Kong Holding controls 100% of Bolzoni Wuxi, a company which, as of the second half of 2012, will produce fork lift truck attachments for the entire Asia market as well as a part of components for the Group’s production plants.</span><span style="font-family: 'Georgia','serif'"></span><span style="font-family: 'Times New Roman','serif'"> </span></font></font></span></span></span></font></p>
<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><font size="3"><span style="font-family: 'Times New Roman','serif'"></span></font></font></span></span></span></font></p>
<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><font size="3"><span style="font-family: 'Times New Roman','serif'"></span><span style="font-family: 'Georgia','serif'"></span><span style="font-family: 'Times New Roman','serif'">The Tiger Group is a Taiwanese conglomerate operating principally in the logistics and electronics areas.</span><span style="font-family: 'Georgia','serif'"></span><span style="font-family: 'Times New Roman','serif'"> </span></font></font></span></span></span></font></p>
<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><font size="3"><span style="font-family: 'Times New Roman','serif'"></span></font></font></span></span></span></font></p>
<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><font size="3"><span style="font-family: 'Times New Roman','serif'"></span><span style="font-family: 'Georgia','serif'"></span><span style="font-family: 'Times New Roman','serif'">Roberto Scotti, Bolzoni’s CEO, describes the operation<em>“as an acquisition that acknowledges and rewards the strategy and investments made and schedule up to now in China by the Bolzoni Group. The Tiger Group has recognised that the steps taken by Bolzoni in China have, in little less than a year, provided the Italian multinational Group with an extremely competitive production and distribution platform. The alliance with Tiger, a group active in China in the area of logistics and electronics, represents added value thanks to its distribution network and its knowledge of the market”.</em></span><span style="font-family: 'Times New Roman','serif'"> </span></font></font></span></span></span></font></p>
<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><font size="3"><span style="font-family: 'Times New Roman','serif'"></span></font></font></span></span></span></font></p>
<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><font size="3"><span style="font-family: 'Times New Roman','serif'"></span><span style="font-family: 'Times New Roman','serif'">Bolzoni and Tiger boast a relation which dates back more than 10 years, as they were first of all successful business associates and then later partners in a Joint Venture in China, which will be absorbed by Bolzoni Wuxi.</span><span style="font-family: 'Times New Roman','serif'"> </span></font></font></span></span></span></font></p>
<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><font size="3"><span style="font-family: 'Times New Roman','serif'"></span></font></font></span></span></span></font></p>
<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><font size="3"><span style="font-family: 'Times New Roman','serif'"></span><span style="font-family: 'Georgia','serif'"></span><span style="font-family: 'Times New Roman','serif'">In this operation Bolzoni S.p.A. has been assisted by Federico Palazzari, partner of Palazzari &amp; Turries, a subsidiary of Tamburi S.p.A., also shareholder of a minority interest in Bolzoni S.p.A..</span><span style="font-family: 'Georgia','serif'"></span><em><span style="font-family: 'Times New Roman','serif'"> </span></em></font></font></span></span></span></font></p>
<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><font size="3"><em><span style="font-family: 'Times New Roman','serif'"></span></em></font></font></span></span></span></font></p>
<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><font size="3"><em><span style="font-family: 'Times New Roman','serif'"></span></em><span style="font-family: 'Times New Roman','serif'"></span><em><span style="font-family: 'Times New Roman','serif'">“Rarely – states Palazzari – have we seen an Italian Group which in a year has succeeded in positioning itself in China so convincingly, initially acquiring a minority stake in one of the most interesting China companies in this area, then building two plants and involving the Tiger Group. The entry of the Taiwanese Group, already active in China for thirty years, is a great demonstration of the capacity and the effectiveness of investments made by Bolzoni in China”.</span></em><em><span style="font-family: 'Georgia','serif'"></span></em><span style="font-family: 'Times New Roman','serif'"> </span><span style="font-family: 'Georgia','serif'"></span><span style="font-family: 'Times New Roman','serif'"> </span></font></font></span></span></span></font></p>
<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><font size="3"><span style="font-family: 'Times New Roman','serif'"></span></font></font></span></span></span></font></p>
<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><font size="3"><span style="font-family: 'Times New Roman','serif'"></span><span style="font-family: 'Georgia','serif'"></span><span style="font-family: 'Times New Roman','serif'">Today China represents the biggest market for forks for lift trucks, with volumes higher than the European and US markets put together and with a value of around 30 million euros calculated on 2010 volumes. Also with regards to attachments for lift trucks, the China market is already without doubt a very interesting market, estimated in approximately 50 million euros in 2010, but above all with very high growth rates for the next few years which will make it the number one market in the world in this area too.</span><span style="font-family: 'Georgia','serif'"></span><span style="font-family: 'Times New Roman','serif'"> </span></font></font></span></span></span></font></p>
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<p><span class="apple-style-span"><strong><span style="font-family: 'Times New Roman','serif'; color: #003366; font-size: 12.5pt">About Bolzoni Group</span></strong></span><span style="font-family: 'Times New Roman','serif'"> </span></p>
<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><font size="3"><span style="font-family: 'Times New Roman','serif'"></span><span style="font-family: 'Georgia','serif'"></span><span style="font-family: 'Times New Roman','serif'">Bolzoni S.p.A., a company listed in the STAR segment of Borsa Italiana, is the European leader in the production of lift-truck attachments and the second major manufacturer both worldwide and in the US market. Through the design, production and distribution of a wide range of attachments, Bolzoni has an importance presence in the market niche of lift-truck attachments and industrial material handling. With a 2010 turnover of approximately 94 million euro, 22 companies (including the parent company) 7 of which are manufacturing plants situated in Italy, U.S.A., Finland, Germany and China (one of the two Chinese plants is not yet operational) 14 are commercial subsidiaries and 1 is a financial holding company, Bolzoni represents a true multinational group with a global organisation present in all continents and one of the most dynamic realities at a worldwide level within the vast market segment of logistics and material handling.</span><span style="font-family: 'Georgia','serif'"></span><span style="font-family: 'Times New Roman','serif'"> </span></font></font></span></span></span></font></p>
<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><font size="3"><span style="font-family: 'Times New Roman','serif'"></span><span style="font-family: 'Georgia','serif'"></span><span style="font-family: 'Times New Roman','serif'">Bolzoni Group</span><span style="font-family: 'Georgia','serif'"></span><span style="font-family: 'Georgia','serif'"> </span></font></font></span></span></span></font></p>
<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><font size="3"><span style="font-family: 'Georgia','serif'"></span><span style="font-family: 'Times New Roman','serif'"><a href="http://www.bolzoni-auramo.it/"><span style="color: black">www.bolzoni-auramo.it</span></a> </span><span style="font-family: 'Georgia','serif'"></span><span style="font-family: 'Times New Roman','serif'"> </span></font></font></span></span></span></font></p>
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<p><span class="apple-style-span"><strong><span style="font-family: 'Times New Roman','serif'; color: #003366; font-size: 12.5pt">About Palazzari &amp; Turries</span></strong></span><span style="font-family: 'Times New Roman','serif'"> </span></p>
<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><font size="3"><span style="font-family: 'Times New Roman','serif'"></span><span style="font-family: 'Georgia','serif'"></span><span style="font-family: 'Times New Roman','serif'"></span></font></font></span></span></span></font></p>
<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><font size="3"><span style="font-family: 'Times New Roman','serif'">Palazzari &amp; Turries is an M&amp;A advisory firm based in Hong Kong and Milan specializing in advising Italian and European companies and entrepreneurs in the structuring, development and management of their investment and business activities in Hong Kong, China and Asia. Palazzari &amp; Turries is also participated by Tamburi Investment Partners (TIP), an investment merchant bank listed on the Italian Stock Exchange.</span><span style="font-family: 'Georgia','serif'"></span><span style="font-family: 'Georgia','serif'"> </span></font></font></span></span></span></font></p>
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<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><font size="3"><span style="font-family: 'Times New Roman','serif'">Palazzari &amp; Turries</span></font></font></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span style="font-family: 'Times New Roman','serif'"></span></font></span></span></span></font></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span style="font-family: 'Times New Roman','serif'"><font size="3"> </font></span></font></span></span></span></font></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span style="font-family: 'Times New Roman','serif'"></span></font></span></span></span></font></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span style="font-family: 'Times New Roman','serif'"></span></font></span></span></span></font></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span style="font-family: 'Times New Roman','serif'"></span></font></span></span></span></font></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span style="font-family: 'Times New Roman','serif'"></span></font></span></span></span></font></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span style="font-family: 'Times New Roman','serif'"></span></font></span></span></span></font></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span style="font-family: 'Times New Roman','serif'"></span></font></span></span></span></font></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span style="font-family: 'Times New Roman','serif'"><font size="3"></p>
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<p><span style="font-family: 'Times New Roman','serif'"><span style="font-family: 'Times New Roman','serif'"></span><a href="http://www.palazzari.com/"><span style="color: black">www.palazzari.com</span></a></span><span style="line-height: 115%; font-family: 'Times New Roman','serif'; font-size: 14pt"> </span></p>
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<p style="margin: 0cm 0cm 10pt" class="MsoNormal"><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><span><span style="font-size: 14pt"><span><a href="http://www.palazzari.com//uploads/pt-press-release-bolzoni-_eng_.pdf" title="Download pdf here"><strong>Download pdf here</strong></a></span></span></span></font></span></span></span></font></span></span></span></font></span></span></span></font></span></span></span></font></span></span></span></font></span></span></span></font></span></span></span></font></span></span></span></font></span></span></span></font></span></span></span></font></span></span></span></font></span></span></span></font></span></span></span></font></span></span></span></font></p>
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		<title>BIESSE GROUP – AGREEMENT FOR ACQUISITION IN CHINA</title>
		<link>http://www.palazzari.com/2011/10/24/biesse-group-%e2%80%93-agreement-for-acquisition-in-china/</link>
		<comments>http://www.palazzari.com/2011/10/24/biesse-group-%e2%80%93-agreement-for-acquisition-in-china/#comments</comments>
		<pubDate>Mon, 24 Oct 2011 09:02:00 +0000</pubDate>
		<dc:creator>corrado</dc:creator>
		
		<category><![CDATA[Publication]]></category>

		<guid isPermaLink="false">http://www.palazzari.com/2011/10/24/biesse-group-%e2%80%93-agreement-for-acquisition-in-china/</guid>
		<description><![CDATA[Biesse S.p.A., the multinational company based in Pesaro which operates in the market for wood, glass and stone processing machinery and systems and which is listed in the STAR segment of the Italian Stock Exchange, has today signed a contract to acquire, through its subsidiary Biesse HK Ltd., 100% ofthe Centre Gain Group of Hong [...]]]></description>
			<content:encoded><![CDATA[<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font face="Times New Roman"><strong><span style="font-family: 'Times New Roman','serif'"><font size="3">Biesse S.p.A.,</font></span></strong><font size="3"> the multinational company based in Pesaro which operates in the market for wood, <span style="text-fit: 463.5pt">glass and stone processing machinery and systems and which is listed in the STAR segment of the Italian </span><span style="font-family: 'Times New Roman','serif'">Stock Exchange, has today signed a contract to acquire, through its subsidiary Biesse HK Ltd., 100% of</span><span style="font-family: 'Times New Roman','serif'">the Centre Gain Group of Hong Kong for a consideration of HKD 105 million (about EUR 9.6 million).</span><span style="font-family: 'Times New Roman','serif'"></span><span style="font-family: 'Times New Roman','serif'"></span></font></font></span></span></span></font><font face="Times New Roman"><span><font size="3"><font face="Times New Roman"><span style="font-family: 'Times New Roman','serif'"></span></font></font></span></font><font face="Times New Roman"><span><font size="3"><font face="Times New Roman"><span style="font-family: 'Times New Roman','serif'"></span></font></font></span></font><font face="Times New Roman"><span><font size="3"><font face="Times New Roman"><span style="font-family: 'Times New Roman','serif'"></span></font></font></span></font><font face="Times New Roman"><span><font size="3"><font face="Times New Roman"><span style="font-family: 'Times New Roman','serif'"></span></font></font></span></font><font face="Times New Roman"><span><font size="3"><font face="Times New Roman"><span style="font-family: 'Times New Roman','serif'"> </span></font></font></span></font><font face="Times New Roman"><span><font size="3"><font face="Times New Roman"><span style="font-family: 'Times New Roman','serif'"></span></font></font></span></font><font face="Times New Roman"><span><font size="3"><font face="Times New Roman"><span style="font-family: 'Times New Roman','serif'"></span></font></font></span></font><font face="Times New Roman"><span><font size="3"><font face="Times New Roman"><span style="font-family: 'Times New Roman','serif'"></span></font></font></span></font><font face="Times New Roman"><span><font size="3"><font face="Times New Roman"><span style="font-family: 'Times New Roman','serif'"></p>
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<p><span style="font-family: 'Times New Roman','serif'">Chris Kwong, one of the founding shareholders of Centre Gain Group, will become holder of 30% of the vehicle utilised for the acquisition and will assume the position of C.E.O.. Chris Kwong has been </span><span style="font-family: 'Times New Roman','serif'">active for 25 years in the wood processing machinery industry in China and has had a working </span><span style="font-family: 'Times New Roman','serif'">relationship with the Biesse Group since 1999.</span><span style="font-family: 'Times New Roman','serif'"> </span><span style="font-family: 'Times New Roman','serif'"><span style="font-family: 'Times New Roman','serif'">The Centre Gain Group, has been active since 2004 in the production and marketing of woodworking machinery through a production facility located in Dongguan City – Guangdong province – (Korex Machinery Ltd.). Korex operates from a plant of 44,000 sqm and has about 360 employees with capacity utilisation running at 60%.</span><span style="font-family: 'Times New Roman','serif'"> </span></span><span style="font-family: 'Times New Roman','serif'"><span style="font-family: 'Times New Roman','serif'">Through this transaction, and with the synergies expected from collaboration with its existing </span><span style="font-family: 'Times New Roman','serif'">subsidiary in Shanghai, the Biesse Group intends to reinforce its presence in a region that is extremely </span><span style="font-family: 'Times New Roman','serif'">important and significant both in terms of existing potential and medium term opportunities.</span><span style="font-family: 'Times New Roman','serif'"> </span><span style="font-family: 'Times New Roman','serif'"> </span></span></p>
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<p><span style="font-family: 'Times New Roman','serif'"><span style="font-family: 'Times New Roman','serif'"></span><span style="font-family: 'Times New Roman','serif'">China currently represents the world’s leading market for wood processing machinery and, given that there is no technological overlap, the current industrial output of the acquired company will broaden </span><span style="font-family: 'Times New Roman','serif'">Biesse’s range of equipment.</span><span style="font-family: 'Times New Roman','serif'"> </span><span style="font-family: 'Times New Roman','serif'"><em><span style="font-family: 'Times New Roman','serif'">“Through this acquisition Biesse Group shall benefit from a greater exposure to China domestic market </span></em><em><span style="font-family: 'Times New Roman','serif'">through a vertically integrated production plant being managed by a very solid and stable team. In our </span></em><em><span style="font-family: 'Times New Roman','serif'">opinion, Biesse transaction has also an important meaning from an M&amp;A point of view. It comes in a </span></em><em><span style="font-family: 'Times New Roman','serif'">moment when acquisitions of Chinese companies is becoming more and more complex and only </span></em><em><span style="font-family: 'Times New Roman','serif'">wordwide market leader such as Biesse, with unique know how, are perceived as added value partners </span></em><em><span style="font-family: 'Times New Roman','serif'">for Chinese companies.”</span></em><span style="font-family: 'Times New Roman','serif'"> said Federico Palazzari, partner of Palazzari &amp; Turries, financial advisor of </span><span style="font-family: 'Times New Roman','serif'">Biesse Group in this transaction.</span><strong><span style="font-family: 'TimesNewRomanPS-BoldMT','sans-serif'; color: #003366"> </span></strong></span></span></p>
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<p><span class="apple-style-span"><strong><span style="font-family: 'Times New Roman','serif'; color: #003366; font-size: 12.5pt">About Biesse Group</span></strong></span><span style="font-family: 'Times New Roman','serif'"> </span></p>
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<p><span style="font-family: 'Times New Roman','serif'">The Biesse Group operates in the market for machinery and systems for working wood, glass, marble and </span><span style="font-family: 'Times New Roman','serif'">stone. Founded in Pesaro in 1969 by Giancarlo Selci, Biesse S.p.A. has been listed on the STAR sector of </span><span style="font-family: 'Times New Roman','serif'">Borsa Italiana since June 2001.</span><span style="font-family: 'Times New Roman','serif'"> </span><span style="font-family: 'Times New Roman','serif'"><span style="font-family: 'Times New Roman','serif'">The Group offers modular solutions from the design of turnkey plants for large furniture manufacturers to </span><span style="font-family: 'Times New Roman','serif'">individual automatic machines and work stations for small and medium enterprises and the design and </span><span style="font-family: 'Times New Roman','serif'">distribution of individual highly technological components.</span><span style="font-family: 'Times New Roman','serif'"> </span></span><span style="font-family: 'Times New Roman','serif'"><span style="font-family: 'Times New Roman','serif'">The Biesse Group has 2,400 employees in its main production sites in Pesaro, Alzate Brianza, Bangalore </span><span style="font-family: 'Times New Roman','serif'">and its associates/branch offices in Europe, North America, the Middle East, Asia and Australasia. The </span><span style="font-family: 'Times New Roman','serif'">Group also has no fewer than 300 resellers and agents enabling it to cover more than 100 countries.</span><span style="font-family: 'Times New Roman','serif'"> </span><span style="font-family: 'Times New Roman','serif'"> </span></span></p>
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<p><span style="font-family: 'Times New Roman','serif'"><span style="font-family: 'Times New Roman','serif'"></span><span style="font-family: 'Times New Roman','serif'">Biesse Group</span></span></p>
<p><span style="font-family: 'Times New Roman','serif'"><span style="font-family: 'Times New Roman','serif'"></span><a href="http://www.biesse.it/"><strong><span style="font-family: 'Times New Roman','serif'; color: windowtext">www.biesse.it</span></strong></a><strong><u><span style="font-family: 'Times New Roman','serif'"></span></u></strong><strong><span style="font-family: 'TimesNewRomanPS-BoldMT','sans-serif'; color: black"> </span></strong><strong><span style="font-family: 'TimesNewRomanPS-BoldMT','sans-serif'; color: black"><span class="apple-style-span"><strong><span style="font-family: 'Times New Roman','serif'; color: #003366; font-size: 12.5pt"></span></strong></span></span></strong></span></p>
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<p><span class="apple-style-span"><strong><span style="font-family: 'Times New Roman','serif'; color: #003366; font-size: 12.5pt"></span></strong></span></p>
<p><span class="apple-style-span"><strong><span style="font-family: 'Times New Roman','serif'; color: #003366; font-size: 12.5pt">About Palazzari &amp; Turries</span></strong></span><span style="font-family: 'Times New Roman','serif'"> </span></p>
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<p><span style="font-family: 'Times New Roman','serif'">Palazzari &amp; Turries is an M&amp;A advisory firm based in Hong Kong and Milan specializing in advising </span><span style="font-family: 'Times New Roman','serif'">Italian and European companies and entrepreneurs in the structuring, development and management </span><span style="font-family: 'Times New Roman','serif'">of their investment and business activities in Hong Kong, China and Asia. </span><span style="font-family: 'Times New Roman','serif'">Palazzari &amp; Turries is also participated by Tamburi Investment Partners (TIP), an investment </span><span style="font-family: 'Times New Roman','serif'">merchant bank listed on the Italian Stock Exchange.</span><span style="font-family: 'Times New Roman','serif'"> </span></p>
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<p><span style="font-family: 'Times New Roman','serif'"></span></p>
<p><span style="font-family: 'Times New Roman','serif'">Palazzari &amp; Turries</span></p>
<p><span style="font-family: 'Times New Roman','serif'"></span><span style="font-family: 'TimesNewRomanPSMT','sans-serif'; color: black"></span><a href="http://www.palazzari.com/"><strong><span style="font-family: 'Times New Roman','serif'; color: windowtext">www.palazzari.com</span></strong></a><strong><u><span style="font-family: 'Times New Roman','serif'"></span></u></strong></p>
<p><a href="http://www.palazzari.com//uploads/pt-press-release-biesse-eng.pdf" title="Download pdf here">Download pdf here</a></p>
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		<title>“LE ACQUISIZIONI IN CINA: BIESSE, UNA FORMULA NUOVA” (Federico Palazzari)</title>
		<link>http://www.palazzari.com/2011/09/27/%e2%80%9c-la-acquisizioni-in-cina-biesse-una-formula-nuova%e2%80%9d-federico-palazzari/</link>
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		<pubDate>Tue, 27 Sep 2011 01:22:00 +0000</pubDate>
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		<description><![CDATA[Acquisire un azienda cinese sta diventando sempre di più impresa complessa, che sta scoraggiando anche i gruppi occidentali che hanno fatto della crescita per acquisizione un driver importante del loro sviluppo.
Le valutazioni stellari, la difficoltà di gestione del management locale, la giovane età degli imprenditori cinesi – e che quindi non hanno alcuna intenzione di [...]]]></description>
			<content:encoded><![CDATA[<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font size="3"><font face="Times New Roman">Acquisire un azienda cinese sta diventando sempre di più impresa complessa, che sta scoraggiando anche i gruppi occidentali che hanno fatto della crescita per acquisizione un driver importante del loro sviluppo.</font></p>
<p><font face="Times New Roman"><font face="Times New Roman">Le valutazioni stellari, la difficoltà di gestione del management locale, la giovane età degli imprenditori cinesi – e che quindi non hanno alcuna intenzione di lasciare il comando - sono tutti elementi che stanno ponendo un freno serio al numero di operazioni, che sono, infatti, in costante diminuzione.</font></font></p>
<p><font face="Times New Roman"><font face="Times New Roman"><font face="Times New Roman">Ci sono pero’ delle eccezioni. Poche, per la verità, ma che hanno un comune denominatore: la conoscenza profonda del target e del management, accumulate in anni di frequentazioni e rapporti.</font></font><font face="Times New Roman"> </font></font><font face="Times New Roman"><font face="Times New Roman"><font face="Times New Roman">E la conoscenza deve essere bilaterale e deve mettere in condizione entrambe le parti di giocare quasi a carte scoperte.</font></p>
<p><font face="Times New Roman"><font face="Times New Roman"><font face="Times New Roman">Si tratta di un lavoro lungo. Un avvicinameneto lento. Di certo, perlomeno, a prima vista, in contrapposizione con l’idea che un acquisizione dovrebbe rappresentare una scorciatoia nell’ingresso ad un mercato molto complesso come quello cinese.</font></font></font></p>
<p></font></font><font face="Times New Roman"><font face="Times New Roman"><font face="Times New Roman">In realtà, crediamo che l’M&amp;A in Cina abbia delle regole proprie, dove il valore di un acquisizione spesso è inversamente proporzionale al prezzo della stessa.</font></font></font></p>
<p><font face="Times New Roman"><font face="Times New Roman"><font face="Times New Roman"><font face="Times New Roman">Biesse è un azienda di Pesaro, fondata nel 1970, oggi uno dei tre gruppi mondiali leader nella produzione di macchinari per la lavorazione del legno.</font></font></font></font></p>
<p><font face="Times New Roman"><font face="Times New Roman"><font face="Times New Roman"><font face="Times New Roman"><font face="Times New Roman">Il mercato cinese ha avuto sino ad ora tassi di sviluppo costanti a doppia cifra dove il boom edilizio ha permesso al primo produttore mondiale, la tedesca Homag, di raggiungere un fatturato di circa 100 milioni di Euro in 8 anni di presenza. Il risultato, che rappresenta circa il 20% dei ricavi del gruppo tedesco, è da imputarsi largamente alla presenza di unità produttive del territorio cinese, acquisite con grande tempismo oltre 10 anni orsono.</font></font></font></font></font></p>
<p></font></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font size="3"><font face="Times New Roman"><font face="Times New Roman"><font face="Times New Roman"><font face="Times New Roman"><font face="Times New Roman"><font face="Times New Roman">La Biesse, sino al mese scorso, è stata presente in Cina solo con una struttura commerciale. I risultati erano positivi, ma non certo in linea con i tassi di crescita del mercato.</font></font></font></font></font></font></font></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font size="3"><font face="Times New Roman"><font face="Times New Roman"><font face="Times New Roman"><font face="Times New Roman"><font face="Times New Roman"> </font></font></font></font></font></font></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font size="3"><font face="Times New Roman"><font face="Times New Roman"><font face="Times New Roman"><font face="Times New Roman"><font face="Times New Roman"><font face="Times New Roman">Per qualche anno il Gruppo si è dibattuto tra il costruire un proprio impianto oppure acquisirne uno già esistente.</font></p>
<p><font face="Times New Roman">Il dilemma è pressochè comune a tutti. La differenza – rispetto a molti gruppi nazionali - è che Biesse ha lavorato ed impegnato tempo e uomini <span> </span>per trovare una risposta non attraverso ragionamenti svolti solo in sale riunioni in Italia, ma attraverso l’impegno delle proprie persone sul territorio cinese, che - per almeno tre anni - hanno incontrato concorrenti e <span> </span>fornitori, lanciando (costosi) “progetti pilota” per testare mezzi, risorse ed affidabilità.</font></p>
<p><font face="Times New Roman">Questo tipo di investimento, è servito a far comprendere alle potenziali aziende targets che Biesse aveva intenzioni reali di sviluppo e che possedeva davvero un know-how avanzato e che, forse, cedere la maggioranza con alle spalle un gruppo come Biesse avrebbe potuto davvero , in un mercato sempre più competitive come quello cinese, fare la differenza.</font></p>
<p><font face="Times New Roman">Non c’è stato bisogno di selezionare il partner. La conoscenza sviluppata negli anni attraverso incontri costanti, progetti commerciali e tecnici gestiti insieme a differenti aziende cine</font><font face="Times New Roman">si ha permesso alla fine di identificare – quasi spontaneamente – il Gruppo a cinese con cui c’erano maggiori affinità di obbiettivi, il Centre Gain Group. </font></p>
<p><font face="Times New Roman">Si tratta di un gruppo attivo nel settore da circa 25 anni, che è nato prima come distributore di macchinari e che nel corso del tempo si è trasformato in produttore, con una unità produttiva che impegna circa 360 operai, su una superfice di 44,000 mq, con una capacità ancora al 60% delle potenzialità.</font></p>
<p> <font face="Times New Roman">Paradossalmente, l’assenza di contratti e patti parasociali, ha cementato i rapporti in questa prima lunga fase di conoscenza ed è servita a far emergere per tempo le varie questioni che, invitabilmente, sorgono e che sono state, di fatto, risolte insieme prima di procedure con l’acquisizione del 70% delle quote del Gruppo Cinese.</font><font face="Times New Roman"> </font></p>
<p><font face="Times New Roman">L’azienda continuerà ad essere guidata da uno dei soci fondatori, che ha re-investito praticamente la totalità del ricavato alla vendita delle proprie quote.</font></p>
<p><font face="Times New Roman">E’ stato un percorso lungo, ma, difficilmente – e sicuramente investendo ben più dei circa 10 milioni di Eur che rappresentano il prezzo dell’acquisizione - il Gruppo Biesse avrebbe potuto trovarsi nella situazione attuale, se non avesse intrapreso il lungo percorso preparatorio che è stato fatto. </font> <font face="Times New Roman"> </font></p>
<p><font face="Times New Roman">Senza contare che Biesse è diventata proprietaria anche del terreno di 44,000 mq ove è situate lo stabilimento. Parliamo di Dong Guan, nella provincia del Guangdong, dove il terreno industriale ha avuto un tasso di rivalutazione quasi costante del 10% negli ultimi 10 anni.</font><span><font face="Times New Roman"> </font></span><span><span></span> <span lang="IT"><font face="Times New Roman"> </font></span></span><span> </span></p>
<p><span></span></p>
<p><span></span><span lang="IT"></span><span lang="IT"><font face="Times New Roman"><span lang="IT"></span></font></span></p>
<p><span lang="IT"><font face="Times New Roman"><span lang="IT">Federico Palazzari</span></font></span></p>
<p><span lang="IT"><font face="Times New Roman"><span lang="IT"></span></font></span></p>
<p><span lang="IT"><font face="Times New Roman"><span lang="IT"></span></font></span></p>
<p><span lang="IT"><font face="Times New Roman"><span lang="IT"></span></font></span><span lang="IT"><font face="Times New Roman"><span lang="IT"></span></font></span><span lang="IT"><font face="Times New Roman"><span lang="IT"></span></font><em><span lang="EN-AU"><font face="Times New Roman">Partner</font></span></em></span><span lang="IT"><em><span lang="EN-AU"></span></em></span><span lang="IT"> </span></p>
<p><span lang="IT"></span><span lang="IT"><span><span style="font-size: 14pt"><span><font size="3"><a href="http://www.palazzari.com//uploads/biesse-una-formula-nuova.pdf" title="Download PDF here">Download PDF here</a><br />
</font></span></span></span></span></p>
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		<title>“IL RITORNO DELLA JOINT VENTURE IN CINA” (Federico Palazzari)</title>
		<link>http://www.palazzari.com/2011/06/30/%e2%80%9cil-ritorno-della-joint-venture-in-cina%e2%80%9d-federico-palazzari/</link>
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		<pubDate>Thu, 30 Jun 2011 07:51:20 +0000</pubDate>
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		<description><![CDATA[
Il flusso di acquisizioni da parte di aziende europee in Cina sta rallentando mese dopo mese.Ed il motivo non è certo la mancanza di potenziali compratori occidentali.
Anzi, sono sempre più numerosi i gruppi europei - e parliamo prevalentemente di aziende con fatturati compresi tra 100 e 500 milioni di Euro che oggi, pur investendo tempo [...]]]></description>
			<content:encoded><![CDATA[<p><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font size="3"><br />
<span>Il flusso di acquisizioni da parte di aziende europee in Cina sta rallentando mese dopo mese.</span></font></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font size="3"><span>Ed il motivo non è certo la mancanza di potenziali compratori occidentali.</span></font></span></span></span></font><font face="Times New Roman"><span><span style="font-size: 14pt"><span><font size="3"><span></span><span></span></p>
<p><span>Anzi, sono sempre più numerosi i gruppi europei - e parliamo prevalentemente di aziende con fatturati compresi tra 100 e 500 milioni di Euro che oggi, pur investendo tempo e risorse nella ricerca di <em>target </em>locali, si scontrano con la realtà della Cina.</span></p>
<p><span></span></p>
<p><span>E la realtà della Cina oggi è di quella di un paese dove le valutazioni di aziende che hanno, molto spesso, l’unico pregio di avere una – a volte minima - organizzazione locale, oscillano tra 40 e 60 volte gli utili e, se gli utili non ci sono, si parla di 20 volte il fatturato.</span></p>
<p><span></span></p>
<p><span>E non sono cifre destinate ad essere riviste al ribasso. Non servono ad inne</span><span>scare un processo negoziale. </span></p>
<p><span></span></p>
<p><span>Sono valutazioni figlie (i) del modo di lavorare dei fondi di investimento locali, che stanno operando con orizzonti temporali di 6 mesi tra l’acquisizione e la quotazione, promettendo – e sino ad ora realizzando - valutazioni da capogiro e (ii) della relative facilità con cui le aziende locali sono cresciute, complice da un lato la mancanza di una concorrenza straniera ed il parallelo<em> boom</em> del mercato locale.</span></p>
<p><span></span></p>
<p><span>Non tutte le aziende cinesi certo sono destinate ad essere quotate o diventano obbiettivi per i fondi, ma le valutazioni diventano <em>vox populi.</em></span></p>
<p><span></span></p>
<p><span>Basta scorrere i listini cinesi per verificare che l’80% delle aziende quotate ha delle capitalizzazioni che non hanno alcun legame con i fondamentali del <em>business</em>.</span></p>
<p><span></span></p>
<p><span>Parliamo inoltre di acquisizioni che tra l’altro molto raramente possono essere finanziate. Il <em>leveraged buy out</em> è praticamente sconosciuto. Ed i criteri con cui le aziende cinesi, mediamente, tengono i conti, non ne permetterà a breve uno sviluppo diffuso. Sono le stesse banche locali a stare alla larga. </span></p>
<p><span></span></p>
<p><span>Salta quindi qualsiasi parametro con la realtà a cui siamo abituati.</span></p>
<p><span></span></p>
<p><span>Si aggiunga inoltre che la maggior parte delle aziende cinesi sono guidate da una classe di imprenditori quarantenni, che hanno creato la loro azienda da zero in pochi anni e che non hanno – in realtà - alcuna voglia di vendere. Anzi, ritengono, non sempre a ragione probabilmente, che è proprio adesso il momento in cui cominceranno a raccogliere i frutti.</span></p>
<p><span></span></p>
<p><span>Questo non significa tuttavia che gli imprenditori cinesi non siano interessati a comprendere i processi, a conoscere i mercati e soprattutto la tecnologia dei più maturi gruppi occidentali (che nei sogni nemmeno troppo segreti dei cinesi, rappresentano comunque i <em>target</em> nel prossimo decennio).</span></p>
<p><span></span></p>
<p><span>Quindi, da un lato abbiamo gli stranieri che vogliono entrare in Cina e che<span>  </span>valutano l’opzione <em>green field </em>come “troppo lenta” e da un lato i cinesi che sono interessati ad acquisire conoscenze tecnologiche e di mercato, ma che non mollano sulle valutazioni.</span></p>
<p><span></span><span></span></p>
<p><span>Diciamo che ormai l’esperienza più recente insegna che se un imprenditore cinese vende significa che il giorno dopo il <em>closing</em> ha già pronta un altra azienda che si trova nel giro di 18 mesi, con un sistema di vasi comunicanti, a diventare il clone di quella appena ceduta. E quindi non appena qualcuno decide davvero di vendere a prezzi che ci sembrano ragionevoli, purtroppo quello divento un <em>deal</em> da cui fuggire. I patti di non concorrenza, purtroppo, non hanno grande possibilità di esser fatti rispettare in Tribunale.</span></p>
<p><span></span></p>
<p><span>E torna di moda il vecchio detto che “l’operazione migliore è quella che non si è fatta”. </span></p>
<p><span></span></p>
<p><span>Il circolo è quindi vizioso.<span>  </span>Ma i due interessi vanno comunque in qualche modo soddisfatti.</span></p>
<p><span></span><span></span></p>
<p><span>Si sta quindi tornando ad utilizzare la <em>Joint Venture</em>. Una forma che era stata praticamente bandita dal vocabolario degli investimenti stranieri in Cina.</span></p>
<p><span></span></p>
<p><span>Sino a 10 anni fa circa, si stimava che il tasso di mortalità, ossia di liquidazione delle <em>Joint Venture</em> sino-straniere fosse vicino al 90%.</span><span> </span></p>
<p><span></span><span></span></p>
<p><span>Oggi, invece sembra che la società mista stia diventando praticamente l’unico modo per riuscire a collaborare davvero. </span></p>
<p><span></span></p>
<p><span>Una legislazione più attenta ai patti parasociali, che non valgono più solo la carta dove sono scritti, una maggiore disciplina degli stranieri che non si affidano ciecamente al socio locale, ma che investono in proprio <em>management</em>, sta di fatto rendendo la <em>Joint Venture</em> lo strumento con cui tornare ad operare.</span></p>
<p><span></span><span></span></p>
<p><span>L’azienda straniera e quella cinese creano una società per perseguire un progetto specifico che sia innovative per entrambi. </span></p>
<p><span></span></p>
<p><span>E’ questa, pare, per il momento, la chiave del successo. Gli sforzi comuni vanno in una direzione che apporta comunque conoscenza e mercato ad entrambi i soci, che quindi, perlomeno nell’immediato non sono, e non potrebbero comunque essere, concorrenti.</span></p>
<p><span></span><span></span></p>
<p><span>Gli investimenti ed i rischi sono limitati rispetto ad una acquisizione e questo sembra essere l’unico modo oggi per avvicinare ragionevolmente le due parti.</span></p>
<p><span><span></span></span></p>
<p><span><span>Lo scenario cambierà di nuovo non appena la febbre delle valutazioni – prima o poi – necessariamente scenderà.</span><span> </span></span><span> </span><span></span><span></span><span lang="IT"></span><span lang="IT"><span lang="IT"><span> </span></span></span></p>
<p><span lang="IT"><span lang="IT"><span></span></span><span lang="IT"></span></span></p>
<p><span lang="IT"><span lang="IT">Federico Palazzari</span></span><span lang="IT"><span lang="IT"></span></span><span lang="IT"> </span></p>
<p><span lang="IT"></span></p>
<p><span lang="IT"></span><span lang="IT"><span lang="IT"></span><em><span lang="EN-AU">Partner</span></em></span><span lang="IT"> </span><span lang="IT"><span lang="EN-AU"><span></span></span></p>
<p></span><span lang="EN-AU"><span></span></span></p>
<p><span lang="EN-AU"><span><a href="http://www.palazzari.com//uploads/il-ritorno-della-joint-venture-in-cina.pdf" title="Download PDF here">Download PDF here</a></span></span></p>
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		<title>“L’Espresso – Hong Kong, la borsa che parla Italiano”</title>
		<link>http://www.palazzari.com/2011/06/07/%e2%80%9cl%e2%80%99espresso-%e2%80%93-hong-kong-la-borsa-che-parla-italiano%e2%80%9d/</link>
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		<pubDate>Tue, 07 Jun 2011 05:02:01 +0000</pubDate>
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		<title>“IL DESIGN ITALIANO IN CINA” (Federico Palazzari)</title>
		<link>http://www.palazzari.com/2011/06/07/%e2%80%9c-il-design-italiano-in-cina%e2%80%9dfederico-palazzari/</link>
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		<pubDate>Tue, 07 Jun 2011 03:37:03 +0000</pubDate>
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		<description><![CDATA[Il DESIGN ITALIANO IN CINA 
Il percorso del design italiano in Cina ad oggi, è stato differente rispetto a quello della nostra moda. 
I due mondi, che molto spesso, vengono accomunati, hanno in realtà mostrato di essere molto distanti agli occhi dei consumatori cinesi. Ma non si è trattato di una sorpresa. 
I due settori hanno destini che [...]]]></description>
			<content:encoded><![CDATA[<p><font face="Times New Roman">Il DESIGN ITALIANO IN CINA</font><font face="Times New Roman"> </font></p>
<p><font face="Times New Roman"><span style="font-size: 14pt"><span style="font-size: 13pt"><span><font size="3">Il percorso del design italiano in Cina ad oggi, è stato differente rispetto a quello della nostra moda.</font></span><span><font size="3"> </font></span></span></span></font><font face="Times New Roman"><span style="font-size: 14pt"><span style="font-size: 13pt"><span><span></span></p>
<p></span><span><font size="3">I due mondi, che molto spesso, vengono accomunati, hanno in realtà mostrato di essere molto distanti agli occhi dei consumatori cinesi. Ma non si è trattato di una sorpresa.</font></span><span><font size="3"> </font></span><span><span></span></p>
<p></span><span><font size="3">I due settori hanno destini che sono paralleli, con fatturati e, soprattutto, tempi differenti.</font></span><span><font size="3"> </font></span></span><span> </span></span><span><span></span></p>
<p></span><span><font size="3">Le aziende italiane del settore, e parliamo quindi prevalentemente di arredamento e di luce, non stanno ad oggi incontrando in Cina, nonostante una presenza ormai quasi ventennale in alcuni casi, lo stesso successo, in proporzione agli investimenti fatti, ai colleghi della moda italiana.</font></span><span><font size="3"> </font></span><span><span></span></p>
<p></span><span><font size="3">Il tema, in realtà, è piu’ o meno simile in tutto il mondo, se pensiamo che di norma, il mercato americano rappresenta per i nostri campioni del design <em>made in italy</em> non piu’ del 15% del fatturato globale.</font></span><span><font size="3"> </font></span><span> </span><span><span></span></p>
<p></span><span><font size="3">Per quanto concerne la Cina, siamo a cifre che sia aggirano intorno al 4/5%, quando va bene.</font></span><span><font size="3"> </font></span><span><span></span></p>
<p></span><span><font size="3">In netta ascesa le <em>performance</em> di Hong Kong, dove, chi ha avuto la lungimiranza di investire in un proprio punto vendita, e sono pochi (Artemide, Flos, Alessi) sta avendo dei risultati in crescita costante.</font></span><span><font size="3"> </font></span><span> </span><span><span></span></p>
<p></span><span><font size="3">I dati ufficiali sulle nazionalità dei visitatori non sono ancora disponibili, ma pare che per quanto concerne lo scorso Salone del Mobile, a fronte di un calo dei visitatori italiani del 25% si sia assistito ad una crescita degli esteri del 17% di cui oltre il 10% rappresentato da asiatici. Tra gli incrementi maggiori, i visitatori da Hong Kong, la cui crescita interna sta rendendo insieme a Singapore, la ex colonia britannica la vera tigre del consumo di <em>luxury goods</em> in Asia.</font></span><span><font size="3"> </font></span><span><span></span></p>
<p></span><span><font size="3">Ma in Cina è differente.</font></span><span><font size="3"> </font></span><span> </span><span><span></span></p>
<p></span><span><font size="3">I famosi ormai “oltre 100 milioni di consumatori” cinesi con un potere di spesa superiore a quello medio europeo, rappresentano ormai uno zoccolo duro di compratori di “moda”, che hanno fatto propria l’idea di qualità, riconoscibilità e valore intrinseco di un marchio.</font></span><span><font size="3"> </font></span><span><span></span></p>
<p></span><span><font size="3">La moda<span>  </span>è rapida come sono rapidi i consumatori cinesi:<span>  </span>sono le collezioni appena uscite quelle che attirano il consumatore asiatico che mai comprerebbe un falso, destinato comunque ad essere messo sul mercato qualche mese più tardi.</font></span><span><font size="3"> </font></span><span> </span><span><span></span></p>
<p></span><span><font size="3">La moda è fruibile da tutti e subito. E, nella grande maggioranza dei casi, offre anche un immediato riconoscimento di ceto, che nella Cina attuale, rappresenta oggi la maggior preoccupazione.</font></span><span><font size="3"> </font></span><span><span></span></p>
<p></span><span><font size="3">Il design ha la fortuna – o forse oggi è quasi un limite - da un lato di produrre oggetti che, quando hanno successo, sono destinati a rimanere in produzione per decenni dall’altro di avere tempi di sviluppo di un progetto che non di rado si misurano in anni.</font></span><span><font size="3"> </font></span><span> </span><span><span></span></p>
<p></span><span><font size="3">Il design viene venduto di norma a consumatori finali, nel <em>retail</em>, che hanno già in qualche modo soddisfatto un desiderio proiettato sulla propria persona (borse, scarpe) e che si dedicano quindi<span>  </span>anche ad una soddisfazione più intima che è quella della casa o che<span>  </span>hanno il proprio gusto mediato da un architetto, che all’interno del proprio bagaglio professionale propone oggetti ed elementi con un contenuto progettuale elevato.</font></span><span><font size="3"> </font></span><span><span></span></p>
<p></span><span><font size="3">In Cina, il “tema casa” è ancora molto lontano dall’essere affrontato. Il valore dell’estetica riferito al proprio luogo, che solo in determinate circostanze può essere aperto agli altri, è ancora distante dall’assumere un significato per cui valga la pena spendere.</font></span><span><font size="3"> </font></span><span> </span><span><span></span></p>
<p></span><span><font size="3">Sono gli stessi architetti cinesi a spiegarti il fenomeno, quando si giustificano quasi con i rappresentanti commerciali delle aziende italiane, a cui hanno dovuto dire che il loro prodotto è stato ritenuto “troppo caro”. Non brutto, nè di bassa qualità, solo troppo caro, rispetto ad un produzione locale di cui non riescono davvero molto spesso a percepire i limiti.</font></span><span><font size="3"> </font></span><span><span></span></p>
<p></span><span><font size="3">“La borsa viene vista da tutti, quando la indosso. L’investimento rende immediatamente e da i suoi frutti non appena si esce di casa, in termini di soddisfazione propria e di status. Il design funziona esattamente al contrario: sta chiuso in casa ed implica un universo di relazioni che nel mondo cinese sono ancora ferme a quelle familiari” ci dice Alfred Lau, un architetto Cinese che dopo aver studiato negli Stati Uniti ed a Milano, ha aperto con successo il proprio studio e che sta realizzando una serie di abitazioni private a Pechino.</font></span><span><font size="3"> </font></span><span> </span><span><span></span></p>
<p></span><span><font size="3">Non è un caso che in tutta la Cina, i monomarca delle aziende italiane dei design, che sono stati aperti Shanghai e Pechino direttamente dalle aziende italiane quasi conteporaneamente circa 5 anni fa, adesso sono stati chiusi.</font></span><span><font size="3"> </font></span><span><span></span></p>
<p></span><span><font size="3">Le società italiane che si erano impegnate nel produrre mobile e complementi in Cina per il mercato locale, sono, anche quelle dei nostri gruppi maggiori, simbolo del nostro design, sono in fase di chiusura.</font></span><span><font size="3"> </font></span><span> </span><span><span></span></p>
<p></span><span><font size="3">Si è assistito quindi negli ultimi 2 anni circa ad un cambio radicale della nostra penetrazione commerciale.</font></span><span><font size="3"> </font></span><span><span></span></p>
<p></span><span><font size="3">La distribuzione <em>retail</em> oggi è affidata quasi esclusivamente a partner cinesi e, contrariamente a quello che accade per la moda, probabilmente è proprio questa la chiave di apertura al mercato locale.</font></span><span><font size="3"> </font></span><span> </span><span><span></span></p>
<p></span><span><font size="3">E’ necessario oggi per promuovere il design l’intermediazione di un terzo che metta in relazione l’oggetto ed il suo valore con il consumatore finale.</font></span><span><font size="3"> </font></span><span><span></span></p>
<p></span><span><font size="3">E’ sicuramente una questione di tempo. Gli architetti cinesi si stanno formando adesso.</font></span><span><font size="3">Ce ne sono davvero molto pochi che hanno un respiro internazionale. Fino a pochi anni fa, le facoltà di architettura non esistevano nemmeno.</font></span><span><font size="3"> </font></span><span> </span><span><span></span></p>
<p></span><span><font size="3">Le cose stanno comunque di sicuro migliorando rapidamente.</font></span><span><font size="3"> </font></span><span><span></span></p>
<p></span><span><font size="3">La spinta sta arrivando dalle stesse aziende cinesi che in teoria sarebbero concorrenti. </font></span><span><font size="3"> </font></span><span> </span><span><span></span></p>
<p></span><span><font size="3">Mentre al grande pubblico ancora manca una consapevolezza sul prodotto, gli addetti ai lavori hanno ben compreso che da un punto di vista di progetto e molto spesso di qualità, c’e’ un </font></span><span><font size="3">divario tra aziende locali ed europee che non sarà possibile colmare e che quindi il futuro sarà fatto da grandi aziende per una fascia media ed una nicchia di aziende più piccole che creerà il design e farà da apriprista nel determinare gusti e tendenze.</font></span><span><font size="3"> </font></span><span><span></span></p>
<p></span><span><font size="3">Ci sono tanto nel mobile che nell’illuminazione dei colossi cinesi che stanno crescendo rapidamente e che cercano <em>partnership</em> distributive serie con le nostre aziende.</font></span><span><font size="3"> </font></span><span> </span><span><span></span></p>
<p></span><span><font size="3">Nell’illuminazione, ad esempio, NVC è un azienda cinese che capitalizza alla borsa di Hong Kong oltre un miliardo di Dollari Americani, quasi come il piu’ grande produttore europeo Zumtobel, con la differenza che la NVC è stata fondata nel 2006.</font></span><span><font size="3"> </font></span><span><span></span></p>
<p></span><span><font size="3">Gli uomini di NVC battevano a tappeto Euroluce a Milano alla ricerca di piccole aziende italiane sconosciute in Cina, da iniziare a distribuire attraverso al propria rete. La proposta era allettante: acquisto di uno stock importante, pagato in anticipo ed un piano di sviluppo a fronte di un escluiva di tre anni.</font></span><span><font size="3"> </font></span><span> </span><span><span lang="IT"></span></p>
<p></span><span lang="IT"></span><span lang="IT"><span lang="IT"><font size="3"><span> </span></font></span><font size="3"><span lang="IT">Federico Palazzari</span></font></p>
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		<title>&#8220;Luxury goods in Cina&#8221; (Federico Palazzari)</title>
		<link>http://www.palazzari.com/2011/05/11/luxury-goods-in-cina/</link>
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		<pubDate>Wed, 11 May 2011 08:34:13 +0000</pubDate>
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		<description><![CDATA[“Luxury goods in Cina”

Luxury Goods in Cina: alcune tendenze. 



Il mercato cinese della del lusso sta garantendo alle maggiori aziende europee uno sbocco commerciale che nel corso dei prossimi anni continuerà a crescere costantemente.



Cosmetici ed abbigliamento sono al primo posto nelle intenzioni di acquisto e nelle preferenze del consumatore cinese, seguiti da accessori, orologi e [...]]]></description>
			<content:encoded><![CDATA[<p><span style="font-family: 'PMingLiU','serif'; font-size: 11pt" lang="IT"><span style="color: black" lang="IT"><font size="3"><font face="Times New Roman"><span style="color: black" lang="IT"><strong><span style="font-variant: small-caps; color: #002060; font-size: 15pt" lang="IT">“Luxury goods in Cina</span></strong><strong><span style="color: #002060; font-size: 15pt" lang="IT">”</span></strong></span></font></font></span></span></p>
<p><span style="font-family: 'PMingLiU','serif'; font-size: 11pt" lang="IT"><span style="color: black" lang="IT"><font size="3"><font face="Times New Roman"><span style="color: black" lang="IT"><strong><span style="color: #002060; font-size: 15pt" lang="IT"></span></strong></span></font></font></span></span></p>
<p><span style="font-family: 'PMingLiU','serif'; font-size: 11pt" lang="IT"><span style="color: black" lang="IT"><font size="3"><font face="Times New Roman"><span style="color: black" lang="IT">Luxury Goods in Cina: alcune tendenze.</span></font></font></span></span><span style="font-family: 'PMingLiU','serif'; font-size: 11pt" lang="IT"><span style="color: black" lang="IT"><font size="3"></font></span></span><span style="font-family: 'PMingLiU','serif'; font-size: 11pt" lang="IT"><span style="color: black" lang="IT"><font size="3"><font face="Times New Roman"> </font></font></span></span><span style="font-family: 'PMingLiU','serif'; font-size: 11pt" lang="IT"><span style="color: black" lang="IT"><font size="3"><font face="Times New Roman"></p>
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<p><span style="color: black" lang="IT">Il mercato cinese della del lusso sta garantendo alle maggiori aziende europee uno sbocco commerciale che nel corso dei prossimi anni continuerà a crescere costantemente.</span></p>
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<p><span style="color: black" lang="IT">Cosmetici ed abbigliamento sono al primo posto nelle intenzioni di acquisto e nelle preferenze del consumatore cinese, seguiti da accessori, orologi e gioielli.</span></p>
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<p><span style="color: black" lang="IT">E&#8217; stato stimato che entro il 2015 i consumatori cinesi rappresenteranno il secondo mercato mondiale per i beni di lusso dopo gli Stati Uniti, con un valore di ricavi annui pari a circa 20 miliardi di Euro.</span></p>
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<p><span style="color: black" lang="IT">Tale stima è stata nel corso degli ultimi 5 anni praticamente raddoppiata, a seguito di un tasso di crescita dei consumi del settore lusso che è aumentato costantemente del 20% annuo.</span></p>
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<p><span style="color: black" lang="IT">Ad esempio, nel 2005, l&#8217;ufficio studi di Goldman Sachs, con un dato che ai tempi venne ritenuto già molto ottimistico, ipotizzava che nel 2015 il mercato rilevante in Cina sarebbe arrivato a valere 10 miliardi di Euro, praticamente la metà esatta delle attuali previsioni a 4 anni.</span></p>
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<p><span style="color: black" lang="IT">Nel 2015 la terza posizione sarà occupata dal Giappone, che attualmente rappresenta il secondo consumatore, con oltre 17 miliardi di Euro. La Cina oggi è al settimo posto, con circa 7 miliardi.</span></p>
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<p><span style="color: black" lang="IT">Gli Stati Uniti, continueranno comunque a crescere e varranno comunque sempre circa 2,5 volte la Cina. </span></p>
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<p><span style="color: black" lang="IT">La spesa media in Cina oggi per beni di lusso è simata in oltre1000 Euro annui pro capite, inclusi gli acquisti effettuati dai cinesi all&#8217;estero, che, apparentemente – sebbene non ci siano dati precisi in tal senso - stanno notevolmente contribuendo al mantenimento dei livelli di vendita nei negozi monomarca soprattutto nelle capitali europee.</span></p>
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<p><span style="color: black" lang="IT">Tale dato, se messo in relazione con il totale della popolazione cinese, fa emergere che in realtà, i 100 milioni di cinesi oggi considerati il mercato di riferimento per beni di lusso – di cui 300,000 con un patrimonio liquido di oltre un minione di Euro - hanno una capacità di spesa oltre 5 volte superiore a quella dell&#8217;omologo consumatore basato in Europa.</span></p>
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<p><span style="color: black" lang="IT">Secondo uno studio dell&#8217;Australian Center for Retail Studies, le ragioni che inducono i consumatori cinesi all&#8217;acquisto sono simili a quelle evidenziate nei consumatori degli altri paesi, anche se, apparentemente, l&#8217;elemento di spinta maggiormente riscontrato in Cina è – intorno al 60% dei casi - nella necessità di dimostrare con l&#8217;acquisto il raggiugimento di uno status, mentre solo una minoranza (20%) ha dichiarato che l&#8217;acquisto andava a coprire dei bisogni effettivi personali a livello di qualità, contrariamente ai mercati piu&#8217; maturi, ove le percentuali sono invertite.</span></p>
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<p><span style="color: black" lang="IT">Il rimanente 20% indicava l&#8217;acquisto come un modo per auto-premiarsi con un prodotto costoso.</span></p>
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<p><span style="color: black" lang="IT">In questo senso l&#8217;acquisto per proprio piacere personale sta prendendo piede. Un approccio quindi più consapevole ma ancora largamente influenzato da pubblicità e marketing rispetto ad una valutazione indipendente di qualità o di adeguatezza al proprio stile.</span></p>
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<p><span style="color: black" lang="IT">Tuttavia, di passi avanti i consumatori cinesi ne stanno facendo.</span></p>
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<p><span style="color: black" lang="IT">La costante crescita dell&#8217;attitudine ai viaggi sta creando un gruppo di consumatori che stanno, lentamente, scoprendo il piacere della ricerca e della distinzione. Di prodotti e marchi non ancora disponibili in Cina.</span></p>
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<p><span style="color: black" lang="IT">Il risultato più evidente e la nascita di uffici acquisti che iniziano a fare uno scouting di piccole realtà soprattutto europee da introdurre in Cina proprio per venire incontro alle esigenze di questa nuova nicchia di consumatori.</span></p>
<p style="text-justify: inter-ideograph; text-align: justify; text-indent: 35.4pt; margin-bottom: 0pt"><span style="color: black" lang="IT"></span></p>
<p><span style="color: black" lang="IT"></span></p>
<p><span style="color: black" lang="IT"></span></p>
<p><span style="color: black" lang="IT">Il mercato rilevante dei 100 milioni di consumatori, si sta quindi ulteriormente segmentando, non per quanto concerne il livello di potere di spesa, ma per quanto riguarda l&#8217;esclusività del processo di acquisto.</span></p>
<p style="text-justify: inter-ideograph; text-align: justify; text-indent: 35.4pt; margin-bottom: 0pt"><span style="color: black" lang="IT"></span></p>
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<p><span style="color: black" lang="IT"></span></p>
<p><span style="color: black" lang="IT">Parliamo ancora di una minoranza, ma si tratta comunque di una tendenza ormai consolidata, che sta riguardando sia le donne che gli uomini, in misura pressocchè uguale.</span></p>
<p style="text-justify: inter-ideograph; text-align: justify; text-indent: 35.4pt; margin-bottom: 0pt"><span style="color: black" lang="IT"></span></p>
<p><span style="color: black" lang="IT"></span></p>
<p><span style="color: black" lang="IT"></span></p>
<p><span style="color: black" lang="IT">Ricordiamo infatti che, più o meno sino al 2005, la clientela di beni di lusso era costituita quasi esclusivamente da donne, che gestivano con totale autonomia qualsiasi tipo di acquisto, per se stesse e per le loro famiglie.</span></p>
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<p><span style="color: black" lang="IT"></span><span style="color: black" lang="IT"></span></p>
<p><span style="color: black" lang="IT">Questa serie di elementi, uniti alla ormai quasi capillare presenza di showroom monomarca dei grandi gruppi nelle maggiori città cinesi, stanno quindi lavorando nel senso di un ampliamento del mercato a favore di quelle aziende che in maniera autonoma non potrebbero affrontare gli investimenti di una distribuzione in Cina ma che cominciano ad ricevere un attenzione da parte di importatori cinesi, alla ricerca di novità ed anche di marginalità differenti da quelle che oramai risultano praticamente imposte dai player più importanti.</span></p>
<p style="text-justify: inter-ideograph; text-align: justify; text-indent: 35.4pt; margin-bottom: 0pt"><span style="color: black" lang="IT"></span></p>
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<p><span style="color: black" lang="IT"></span></p>
<p><span style="color: black" lang="IT">Si tratta di una grande opportunità, che alcune piccole aziende europee, magari specializzate nella produzione di un singolo articolo di altissima qualità, stanno cogliendo, iniziando piccole distribuzioni ma che, con la fame di novità, di rinnovamento costante che sta pervadendo il consumatore cinese, hanno la possibilità di posizionarsi in maniera rapida in una nicchia di mercato difficilmente immaginabile solo qualche anno fa.</span></p>
<p><span style="color: black" lang="IT"></span></p>
<p><span style="color: black" lang="IT"></span><span style="font-family: 'PMingLiU','serif'; font-size: 11pt" lang="IT"><font face="Times New Roman"><span lang="IT"></span></font></span></p>
<p></font></font></span></span><span style="font-family: 'PMingLiU','serif'; font-size: 11pt" lang="IT"><font face="Times New Roman"><span lang="IT">Federico Palazzari</span></font></span><span style="font-family: 'PMingLiU','serif'; font-size: 11pt" lang="IT"> </span><span style="font-family: 'PMingLiU','serif'; font-size: 11pt" lang="IT"><font face="Times New Roman"><span lang="IT"></span></font></span><span style="font-family: 'PMingLiU','serif'; font-size: 11pt" lang="IT"></span><span style="font-family: 'PMingLiU','serif'; font-size: 11pt" lang="IT"><font face="Times New Roman"><span lang="IT"></span></font><em><span lang="EN-AU"></span></em></span><span style="font-family: 'PMingLiU','serif'; font-size: 11pt" lang="IT"></span><span style="font-family: 'PMingLiU','serif'; font-size: 11pt" lang="IT"><em><span lang="EN-AU"></span></em></p>
<p></span><em><span lang="EN-AU"><font face="Times New Roman">Parnter</font></span></em></p>
<p><em><span lang="EN-AU"></span></em></p>
<p style="text-align: right; text-indent: 16.2pt; margin: 0cm 28pt 0pt 324pt" class="MsoNormal" align="left"><em><span lang="EN-AU"></span></em></p>
<p><span lang="EN-AU"><font face="Times New Roman"><span style="color: black" lang="IT"><font face="Times New Roman"><span style="font-variant: small-caps; color: #002060; font-size: 15pt" lang="IT"></span></font></span></font></span></p>
<p><span lang="EN-AU"><font face="Times New Roman"><span style="color: black" lang="IT"><font face="Times New Roman"><span style="font-variant: small-caps; color: #002060; font-size: 15pt" lang="IT"></span></font></span></font></span></p>
<p><span lang="EN-AU"><font face="Times New Roman"><span style="color: black" lang="IT"><font face="Times New Roman"><span style="font-variant: small-caps; color: #002060; font-size: 15pt" lang="IT"><a href="http://www.palazzari.com//uploads/luxury-goods-in-cina.pdf" title="DOWNLOAD PDF HERE"><strong>DOWNLOAD PDF HERE</strong></a></span></font></span></font></span></p>
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		<title>BOLZONI GROUP – JOINT VENTURE AND ACQUISITION IN CHINA</title>
		<link>http://www.palazzari.com/2011/04/21/bolzoni-group-%e2%80%93-joint-venture-and-acquisition-in-china/</link>
		<comments>http://www.palazzari.com/2011/04/21/bolzoni-group-%e2%80%93-joint-venture-and-acquisition-in-china/#comments</comments>
		<pubDate>Thu, 21 Apr 2011 11:46:06 +0000</pubDate>
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		<description><![CDATA[Hong Kong, 8 April 2011 - Bolzoni Group, based in Piacenza, Italy, manufactures forklift truck attachments, lifting tables and forks and is the leader supplier of integral side shifts to the main OEMs.Bolzoni Group has signed an agreement to set up a joint venture company in Hong Kong for the production of forks for lift [...]]]></description>
			<content:encoded><![CDATA[<p><span class="apple-style-span"><span style="font-family: 'Times New Roman','serif'; font-size: 11.5pt"><span class="apple-style-span"><span style="font-family: 'Times New Roman','serif'; font-size: 11.5pt"><span class="apple-style-span"><span style="font-family: 'Times New Roman','serif'; font-size: 11.5pt"><strong>Hong Kong, 8 April 2011 - </strong></span></span><font size="3"><strong>Bolzoni Group</strong>, based in Piacenza, Italy, <span>manufactures forklift truck attachments, lifting tables and forks and is the leader supplier of integral side shifts to the main OEMs.</span></font><span style="font-family: 'Times New Roman','serif'; font-size: 12pt">Bolzoni Group has signed an agreement to set up a joint venture company in Hong Kong for the production of forks for lift trucks in Mainland China. Bolzoni’s partner in this operation is Hebei Jing County Huaxin Forks Co.Ltd, the market leader in China in this industry.</span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt"> </p>
<p></span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt">The new company Bolzoni Huaxin Co. Ltd. shall be held at 60% by Bolzoni Group, while Huaxin will hold the remaining 40%.</span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt"> </p>
<p></span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt">Bolzoni&#8217;s contemplated investment will amount to RMB 26.8 million (around EUR 2.8 million) and will ensure an access to the world&#8217;s largest market of forks for lift trucks (Chinese market has a greater volume than the European and U.S. markets aggregated). </span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt"> </p>
<p></span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt">The production plant will be built in Jiangsu Province and will commence operation early 2012.</span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt"> </p>
<p></span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt">Along with the joint venture, Bolzoni Group also acquires 20% equity in Huaxin for a total consideration of RMB 8.8 million (about EUR 1 million).</span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt"> </p>
<p></span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt">“<em>The agreements signed with Huaxin – </em>commented Emilio Bolzoni, Chairman of Bolzoni Group<em> – have offered us the opportunity to operate in the Chinese market by having a partnership with one of the leading players in the sector. With this transaction, Bolzoni has become one of the global leaders also in the forks market. This project well combines with the construction of our production plant in Wuxi Province, where lift truck attachments will be produced and marketed throughout the whole Asian market</em>”.</span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt"> </p>
<p></span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt">“<em>Through the set up of this joint venture, Bolzoni Group has equipped itself with strategic production facilities in China and, through the acquisition of a stake in Huaxin’s capital, an alliance with an industrial partner of undoubted abilities has also been formed</em>” said Federico Palazzari, Partner of Palazzari &amp; Turries, advisor of Bolzoni Group in this transaction.</span><span style="color: #003366; font-size: 12pt"><font face="Calibri"> </font></p>
<p></span><span class="apple-style-span"><span style="font-family: 'Times New Roman','serif'; color: #003366; font-size: 12.5pt"><strong> </strong></p>
<p></span></span><strong><span class="apple-style-span"><span style="font-family: 'Times New Roman','serif'; color: #003366; font-size: 12.5pt">About Bolzoni Group</span></span><span class="apple-style-span"><span style="font-family: 'Times New Roman','serif'; font-size: 12pt"></span></span></strong><span class="apple-style-span"><span style="font-family: 'Times New Roman','serif'; color: #003366; font-size: 12.5pt"> </p>
<p></span></span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt">Bolzoni Group is leading Italy-based Company in the design, production and distribution of lift truck attachments and industrial material handling equipment.</span><font size="3"><font face="Calibri"> </font></font><font size="3" face="Calibri"> </font></p>
<p><span style="font-family: 'Times New Roman','serif'; font-size: 12pt">The Group was founded by Luigi and Livio Bolzoni, who began studying solutions for the building material handling in 1945. </span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt"> </p>
<p></span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt">As of December 2009, Bolzoni group was composed of controlling 19 companies. Five of these companies are production plants situated in Italy, Germany, Finland, the United States and China, whereas 12 companies have exclusively commercial and distribution activities, with the purpose of directly serving the principal logistics and material handling markets.</span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt"> </p>
<p></span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt">Bolzoni Group</span></p>
<p style="text-justify: inter-ideograph; text-align: justify; margin: 0cm 0cm 0pt" class="MsoNormal"><u><span style="font-family: 'Times New Roman','serif'; font-size: 12pt"></span></u></p>
<p><u><span style="font-family: 'Times New Roman','serif'; font-size: 12pt"><strong>www.bolzoni-auramo.com</strong></span></u><span class="apple-style-span"><span style="font-family: 'Times New Roman','serif'; color: #003366; font-size: 12.5pt"><strong> </strong></p>
<p></span></span><span class="apple-style-span"><span style="font-family: 'Times New Roman','serif'; color: #003366; font-size: 12.5pt"><strong> </strong></p>
<p></span></span><span class="apple-style-span"><span style="font-family: 'Times New Roman','serif'; color: #003366; font-size: 12.5pt"><strong>About Hebei Jing County Huaxin Forks </strong></span></span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt"> </p>
<p></span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt">Huaxin fork Co., Ltd. founded in Fed 2004 is located in Longhua Industrial Zoon Jing county and produces several kinds of forks, such as standard I.T. forks, shaft type forks and special forks. They serve to famous OEMs and sells to more than 20 countries and regions in Asia, Europe and America.</span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt"></p>
<p></span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt">Hebei Jing County Huaxin Forks Co.Ltd</span></p>
<p style="text-justify: inter-ideograph; text-align: justify; margin: 0cm 0cm 0pt" class="MsoNormal"><u><span style="font-family: 'Times New Roman','serif'; color: black; font-size: 12pt"></span></u></p>
<p><u><span style="font-family: 'Times New Roman','serif'; color: black; font-size: 12pt"><a href="http://www.huaxinfork.com/english/company.htm"><span style="color: black"><strong>http://www.huaxinfork.com/english/company.htm</strong></span></a></span></u><u><span style="font-family: 'Times New Roman','serif'; color: black; font-size: 12pt"><span style="text-decoration: none"></span></p>
<p></span></u><span class="apple-style-span"><span style="font-family: 'Times New Roman','serif'; color: #003366; font-size: 12.5pt"><strong> </strong></p>
<p></span></span><span class="apple-style-span"><span style="font-family: 'Times New Roman','serif'; color: #003366; font-size: 12.5pt"> </p>
<p></span></span><span class="apple-style-span"><span style="font-family: 'Times New Roman','serif'; color: #003366; font-size: 12.5pt"><strong>About Palazzari &amp; Turries</strong></span></span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt"> </p>
<p></span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt">Palazzari &amp; Turries is an M&amp;A advisory firm based in Hong Kong and Milan specializing in advising French and other European companies and entrepreneurs in the structuring, development and management of their investment and business activities in Hong Kong, China and Asia.</span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt"> </p>
<p></span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt"> </p>
<p></span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt"> </p>
<p></span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt">Palazzari &amp; Turries is also participated by Tamburi Investment Partners (TIP), an investment merchant bank listed on the Italian Stock Exchange.</span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt"> </p>
<p></span><span style="font-family: 'Times New Roman','serif'; font-size: 12pt">Palazzari &amp; Turries</span></p>
<p style="text-justify: inter-ideograph; text-align: justify; margin: 0cm 0cm 0pt" class="MsoNormal"><span style="color: black"></span></p>
<p><span style="color: black"><a href="http://www.palazzari.com/"><span style="font-family: 'Times New Roman','serif'; color: black; font-size: 12pt"><strong>www.palazzari.com</strong></span></a></span><u><span style="font-family: 'Times New Roman','serif'; color: black; font-size: 12pt"></span></u></span></span></span></span></p>
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<p><span style="color: black"><span class="apple-style-span"><strong><span style="font-family: 'Times New Roman','serif'; font-size: 11.5pt"><a href="http://www.palazzari.com//uploads/pt-press-release-bolzoni-eng-_a.pdf" title="Download pdf here">Download pdf here</a></span></strong></span></span><strong><u><span style="font-family: 'Times New Roman','serif'; color: black; font-size: 12pt"></span></u></strong></p>
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		<title>Uomini &#038; Business - Cina Chiama Italia -(Federico Palazzari)</title>
		<link>http://www.palazzari.com/2011/03/31/uomini-business-cina-chiama-italia-federico-palazzari/</link>
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		<pubDate>Thu, 31 Mar 2011 02:54:18 +0000</pubDate>
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