U.S. office furnisher Haworth agreed to pay 2.96 euros ($4) a share for a majority stake in Poltrona Frau and said it will then bid for the rest, lifting shares in the Italian upmarket armchair maker 18 percent on Wednesday.

Family-owned Haworth will buy 58.6 percent of Poltrona Frau from Charme Investments, Ferrari Chairman Luca Cordero di Montezemolo's holding company, and fellow Italian investor Moschini S.r.L., a statement from the U.S. company and the two major shareholders said.

Read more

Source: http://www.reuters.com/