Belgium's Picanol rises on news of merger with Tessenderlo
08/07/2022 15:10
** Shares in Belgian industrial group Picanol PICB.BR jump
around 12% as they resume trading following earlier announcement
of merger with chemicals firm Tessenderlo Group TESB.BR
** Tessenderlo shares inch up nearly 3%, also resuming trade
** Picanol shares are on track for their best day in nearly
five months
** Under the deal, Picanol will be integrated into
Tessenderlo to form one industrial group jointly listed on stock
exchange, Picanol said https://www.picanolgroup.com/en/investors/press-releases/tessenderlo-group-and-picanol-group-announce-their-intention-simplify-group-structure-and-combine-their-activities
earlier today
** A voluntary public exchange offer would allow for one
Picanol share to be exchanged for 2.43 Tessenderlo shares, the
statement reads
(Reporting by Dagmarah Mackos)
((dagmarah.mackos@thomsonreuters.com))