Saeco ditches auditors after PAI lowers offer

The Milan-listed espresso machine maker Saeco International has sacked the former Italian arm of Grant Thornton as its auditor. The French private equity group PAI lowered its offer for the company after Saeco reported unexpectedly poor fourth-quarter results. PAI initially offered e756m for Saeco, but when last month's fourth quarter results came in 25% below budget and shares were suspended, PAI cut its offer to e728m. According to a statement issued by Saeco's board of directors: 'The annual general meeting with good cause revoked Grant Thornton SpA's (now Ital Audit SpA's) auditing mandate, by appointing PricewaterhouseCoopers in replacement.' The move follows the decision by Grant Thornton International to expel its Italian arm for the legal network in the wake of the Parmalat scandal.

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• Southern Europe