Brief: Elica To Sell 33% Stake In Elica PB India Private To Whirlpool

Elica SpA

04/06/2018 09:03

June 4 (Reuters) - ELICA  ELC.MI :
    * SAID ON FRIDAY IT SIGNED AN AGREEMENT INVOLVING THE SALE
TO
WHIRLPOOL OF INDIA LIMITED OF 33% OF SHARE CAPITAL OF THE INDIAN
SUBSIDIARY ELICA PB INDIA PRIVATE LTD
    * OTHER INDIAN MINORITY SHAREHOLDERS WILL DISPOSE 16% OF
ELICA PB
INDIA PRIVATE LTD TO WHIRLPOOL 
    * THE CONSIDERATION FOR THE SALE OF 33% OF THE INDIAN
SUBSIDIARY
ELICA PB INDIA PRIVATE LTD WILL BE APPROX. INR 1,074,494,375.26
(ABOUT EUR 13.4 MILLION) 
    * SUBSEQUENT TO THE RECEIPT OF CONSIDERATION, ELICA WILL PAY
INR
105,599,616 (ABOUT EUR 1.3 MILLION) TO THE OTHER INDIAN
SHAREHOLDERS AGAINST THE WAIVING OF SOME OF THEIR RIGHTS
CONCERNING THE EARLY CONVERSION OF THE BOND LOAN
    * ALONGSIDE ACQUISITION OF THE INVESTMENT, WHIRLPOOL OF
INDIA
LIMITED WILL SIGN EXCLUSIVE DISTRIBUTION AGREEMENT FOR A NUMBER
OF ITS COOKING SEGMENT PRODUCTS WITH ELICA PB INDIA PRIVATE LTD 
    * UNDER THE BLOCKING AGREEMENT WITH THE INDIAN SHAREHOLDERS,
ELICA
SPA WILL CONTINUE TO EXERCISE CONTROL OVER ELICA PB INDIA
PRIVATE LTD AND TO FULLY CONSOLIDATE ITS FINANCIAL STATEMENTS
    * CLOSING IS CURRENTLY EXPECTED TO TAKE PLACE BY SUMMER OF
2018

    
 Source text for Eikon:  urn:newsml:reuters.com:*:nBIA5lkM0J
    
 Further company coverage:  ELC.MI  
   


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