Benetton delisting approaches

Italian fashion company Benetton is within reach of its goal of delisting from the Milan

Stock Exchange. The Benetton family's bid for the quarter of the company that it does not yet own has been approved by its advisors, Morgan Stanley. According to Reuters, the majority of analysts do not expect Edizione Holding - the family's holding company - to raise its offer of 4.60 euros a share, claiming it is fair in light of the company's historically low listing.

Benetton - known for its bright knitwear and shocking ad campaigns - has been plagued by successful competitors such as H&M and Inditex. While Benetton's revenues have remained stagnant at around 2 billion euros since 2000, Inditex's Zara saw its revenues multiply almost five times to 12.5 billion.

Meanwhile, instead of its ad campaigns helping the business, the latest offering has landed the fashion company in yet more hot water with the Vatican. Titled UNHATE and featuring various heads of state locked in embrace, the Vatican was not amused by an image of Pope Benedict kissing an imam. To placate the Catholic Church, Benetton has promised a donation for an undisclosed amount to a Catholic charity. It has also agreed not to use the Pope's image in the future.