July 19 (Reuters) - Piovan SpA:

* AUTOMATION SYSTEMS ENTERS AGREEMENT WITH PENTAFIN FOR

ACQUISITION OF 58.35% OF PIOVAN SHARE CAPITAL

* PENTAFIN, CURRENTLY PIOVAN'S MAIN SHAREHOLDER, SHALL

REINVEST IN

SHARE CAPITAL OF THE PURCHASER WITH A 25% SHAREHOLDING

* AUTOMATION SYSTEMS IS COMPANY WHOSE SHARE CAPITAL IS

INDIRECTLY

OWNED BY INVESTINDUSTRIAL VIII SCSP FUND

* AUTOMATION SYSTEMS TO BUY 31,275,541 ORDINARY SHARES OF

PIOVAN

AT PRICE OF 14 EURPER SHARE

* CLOSING EXPECTED BY OCTOBER 15, SUBJECT TO AUTHORISATIONS

CONCERNING THE CONTROL ON FOREIGN INVESTMENTS (SO CALLED GOLDEN

POWER)

* ACQUISITION AIMS AT DELISTING PIOVAN FROM EURONEXT STAR

MILAN

* AUTOMATION SYSTEMS TO BUY FURTHER 6.47% OF SHARE CAPITAL

FROM

7-INDUSTRIES HOLDING

* AT CLOSING AUTOMATION SYSTEMS WILL HAVE OVERALL

SHAREHOLDING

EQUAL TO 64.82% OF THE SHARE CAPITAL OF PIOVAN

* NICOLA PIOVAN SHALL CONTINUE TO SERVE AS EXECUTIVE

CHAIRMAN OF

PIOVAN BOARD OF DIRECTORS, FILIPPO ZUPPICHIN TO BE REAPPOINTED

AS CEO

Further company coverage:

(Gdansk Newsroom)