Brief: FSMA Doesn't Agree Picanol Bought Control Over Tessenderlo Only On March 19

Tessenderlo NV

06/08/2019 07:40

Aug 6 (Reuters) - BELGIAN FINANCIAL SERVICES AND MARKETS AUTHORITY (FSMA):
    * BELGIAN FINANCIAL WATCHDOG FSMA SAYS CONCLUDED THAT PICANOL  PICB.BR  EXERCISED CONTROL
OVER
TESSENDERLO GROUP  TESB.BR  SINCE 2017
    * FSMA SAYS PICANOL SHOULD HAVE CONSOLIDATED TESSENDERLO UNDER FULL CONSOLIDATION METHOD
INSTEAD
OF EQUITY METHOD
    * FSMA SAYS DEMANDED PICANOL TO CORRECT ITS ACCOUNTS AS IT DOES NOT AGREE THAT PICANOL
ACQUIRED
CONTROL OVER TESSENDERLO ONLY ON MARCH 19
    * FSMA SAYS IT WISHES TO INFORM THE MARKET THAT CONSOLIDATION CARRIED OUT ON 1 JANUARY 2019
IS
BASED ON INCORRECT APPLICATION OF IFRS STANDARDS SINCE 2017
    * FSMA SAYS ACCORDING TO PICANOL EARLIEST POSSIBLE PERIOD FOR RETROSPECTIVE RESTATEMENT IS
JAN
1ST, 2019

Source text: https://bit.ly/2yH1ffk
Further company coverage:  PICB.BR ;  TESB.BR 

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