Brief: Glenalta Food to merge with GF Group into Orsero, to be listed on AIM Italia
31/10/2016 10:31
Oct 31 (Reuters) - Glenalta Food SpA GGLF.MI :
* Said on Friday that the boards of Glenalta Food and GF
Group have approved a business combination operation via the
incorporation of GF Group in Glenalta Food
* GF Group is a company importing fresh fruit and vegetables
* The company resulting from the business combination will
be named Orsero SpA and will be listed on AIM Italia
* Paolo Prudenziati to be chairman of the board with
managing duties while Raffaella Orsero will be the CEO together
with current GF Group CFO Matteo Colombini
* Business combination is subject to the sale by GF Group of
non core operations and the redefinition of the agreements with
financial institutions
* Glenalta Food will acquire financial instruments for 25
million euros from GF Group financial institutions
* GF Group was valued at 80 million euros ($87.61 million),
which amounts to 55 million euros for the share exchange ratio
including the acquisition of 25 million euros in financial
instruments
* The share exchange ratio was set at 43 newly issued
Glenalta Food shares for every 50 GF Group ordinary shares
* GF Group shareholders will own about 40 percent stake in
Orsero as a result of the merger
* The share capital of Orsero on the first day of trading is
expected to be between 114 million euros and 138 million euros
* GF Group shareholders committed to a 36 month lock up
period
* Expects the merger to be completed by Feb. 2017
Source text for Eikon: urn:newsml:reuters.com:*:nBIA282d1
Further company coverage: GGLF.MI
($1 = 0.9132 euros)
(Gdynia Newsroom)
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