Italian real estate company Beni Stabili reported on Friday that its first-quarter profit fell by 30% due to higher expenses and taxes. Net income dropped to EUR 7 mln from EUR 10 mln a year earlier. The announcement coincided with the news that Beni Stabili shareholders have approved Fonciere des Regions' acquisition of a 35% stake in Beni Stabili. The French company is to launch a mandatory exchange offer for all of Beni Stabili's shares on 1 May 2007. The takeover has yet to be sanctioned by the Italian competition authority.
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