After the takeover bid on BF launched by Arum and Dompé, one question remains on the table: who is really behind Arum, the safe controlled by Federico Vecchioni, CEO of BF and chairman of Arum, which today is moving to consolidate its influence over the main Italian agro-industrial platform? To understand this, one must look into the accounts and especially the shareholding of the holding company, where a dense network of agricultural companies, territorial vehicles, and financial presences emerges.
A SAFE WITH A SINGLE ASSET
The numbers help clear up any misunderstandings immediately. Arum is not an operating company, but a pure holding. The 2024 financial statements show assets of about 220 million, of which over 217 million are financial fixed assets. In other words: almost everything is invested in BF.
The stake exceeds 23.6% at the end of 2024 and rose above 24% in 2025, with a book value of about 212 million. There are no other significant assets. Arum is, in fact, a safe built around BF.
The income statement also confirms this nature. Revenues are marginal, just above 1.5 million, while the real contribution comes from dividends of the investee, amounting to about 2.6 million. After deducting financial charges of over 1.6 million, the profit stands at 1.57 million. Rather than generating income, Arum intercepts it.
COMPACT GOVERNANCE, CLEAR ROLE
The command structure is straightforward. Federico Vecchioni (in the photo) chairs the board of directors and represents the strategic pivot of the company. The CEO is Raffaele Grandolini, who is also the finance manager of Coldiretti.
This is not a governance designed to manage a complex industrial group, but to oversee a strategic investment.
A TERRITORIAL NETWORK THAT WEIGHS MORE THAN INDIVIDUAL SHARES
Looking at the composition of the shareholders, the picture changes. Inside Arum there are not only a few significant shareholders, but a long series of territorial companies with recurring names: “Impresa Verde” followed by provinces and regions, local agricultural federations, assistance centers. Names that, taken individually, often represent only a few thousand or tens of thousands of shares – thus minimal percentages, between 0.02% and 0.5% – but which, combined, build a block that is anything but marginal.
Part of this network totals about 1.6 million shares, equal to about 11% of the capital. It is a widespread presence, rooted in the territories, clearly attributable to the Coldiretti galaxy. More than a single shareholder, it is a structure by aggregation, where the weight emerges only by putting the pieces together.
Strengthening this perimeter is Germina Campus, with about 93 thousand shares (around 0.6%), which is part of the Coldiretti ecosystem. The result is an expanded block approaching 12% and which, above all, has a logic more of a system than of financial investment.
Alongside the widespread network of territorial companies, some more structured shareholders emerge, positioned on a different level. Among these, the Società consortile consorzi agrari (S.C.C.A.) – expression of the Agricultural Consortia system now largely merged into the CAI supply chain – holds about 2.8% of the capital, a stake that makes it one of the largest individual shareholders. Operating in the same perimeter is also O.P. Agrinsieme, with a participation around 0.7–0.8%, representing the coordination among organizations such as Confagricoltura, Cia, and the Alliance of Agri-food Cooperatives, thus an agricultural area distinct from the Coldiretti galaxy.
FINANCIAL SHAREHOLDERS AND THE SEGRE ISSUE
Alongside the agricultural component, some names from finance also appear. Among the shareholders is Tosinvest, the holding of the Angelucci family, with a stake below 1%.
Then there is Mi.Mo.Se., a company linked to Turin accountant Massimo Segre, until recently the main consultant of Carlo De Benedetti. A name that also reappears on the operation side: the Segre Studio is indeed among the strategic advisors of the BF takeover bid.
LOW DEBT, BUT STRUCTURE IN MOTION
On the financial side, Arum appears solid. Debt is about 22 million against net equity close to 200 million. Leverage is contained.
But the company is not standing still. The financial statements report capital increases, new bank loans, and the issuance of convertible instruments. Meanwhile, Arum has continued to do its job: accumulating BF. In the last year it purchased several million new shares, rising to about 24.1% of the capital. It is a structure that moves, gathers resources, and concentrates them on a single goal.
WHY THE TAKEOVER BID (WITHOUT DELISTING)
In this context, the takeover bid launched together with Dompé does not appear as a traditional operation. The two shareholders already hold about 50% of BF together. Yet they are not aiming for delisting.
The declared objective is to “consolidate their influence.” In a fragmented capital, 50% does not guarantee stability. The offer serves to strengthen control, reduce uncertainty, and build a more cohesive base. Thus Vecchioni and Dompé aim to grow BF abroad, it reads in an analysis by Sole 24 Ore.
A POWER STRUCTURE WITHOUT A SINGLE OWNER
In Arum there is no dominant shareholder in the classical sense. Instead, there is a structure made up of a widespread agricultural network, a targeted financial presence, and strong governance.
In this context, Arum appears less as a simple holding and more as the point where a balance between different interests is composed. Also for this reason, the BF takeover bid does not feel like a turning point, but rather a consolidation: the grounding of a setup that, in fact, is already in place.
