Edition:
India

Cofide Says Streamlining Of Group Structure Through Merger By Incorporation Of CIR Into Cofide


Tuesday, 12 Mar 2019 

March 11 (Reuters) - Cofide Gruppo de Benedetti SpA - :STREAMLINING OF THE GROUP STRUCTURE THROUGH THE MERGER BY INCORPORATION OF CIR INTO COFIDE.COFIDE GRUPPO DE BENEDETTI SPA - MERGER WILL NOT MATERIALLY IMPACT ITS NET FINANCIAL POSITION AND THEREFORE ITS FINANCIAL FIREPOWER AND INVESTMENT POLICY.EXCHANGE RATIO HAS BEEN DETERMINED AS 2.01 COFIDE SHARES FOR EACH CIR SHARE.BOARD EXAMINED AND APPROVED MERGER PLAN BY INCORPORATION OF CIR INTO ITS PARENT COMPANY COFIDE.COFIDE GRUPPO DE BENEDETTI SPA - FINANCIAL PROFILE OF ENTITY RESULTING FROM MERGER WILL BE SUBSTANTIALLY IN LINE WITH CIR'S.AS A RESULT OF MERGER, COFIDE WILL CHANGE ITS NAME TO "CIR S.P.A. ‐ COMPAGNIE INDUSTRIALI RIUNITE".MERGER IS EXPECTED TO COMPLETE BY END OF 2019.COFIDE GRUPPO DE BENEDETTI SPA - RODOLFO, MARCO AND EDOARDO DE BENEDETTI ARE MEMBERS OF COFIDE BOARD AND CIR.COFIDE GRUPPO DE BENEDETTI SPA - RODOLFO DE BENEDETTI IS CHAIRMAN OF BOTH COMPANIES.COFIDE GRUPPO DE BENEDETTI- COMPANIES TO SUSPEND RESPECTIVE SHARE BUYBACK PROGRAMMES, AS FROM TODAY'S DATE AND UNTIL DATE ON WHICH MERGER IS COMPLETED. 

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