UGF-PREMAFIN: Premafin may hold the general meeting to increase capital and the parties may define the exchange ratios, but may not proceed with the subscription phase or industrial plan sharing.
PRESS RELEASE
PRESS RELEASE
UGF-PREMAFIN: ANTITRUST - PREMAFIN MAY HOLD THE GENERAL MEETING TO INCREASE CAPITAL AND THE PARTIES MAY DEFINE THE EXCHANGE RATIOS, BUT MAY NOT PROCEED WITH THE SUBSCRIPTION PHASE OR INDUSTRIAL PLAN SHARING
The assessment of the operation remains undecided in light of the advance commitments announced by the Parties and Mediobanca, depending also upon the specification of the UGF industrial plan
Premafin may proceed to increase capital by stipulating restructuring agreements with creditor banks as an implementation of the Recovery Plan and the parties may continue to negotiate the share swap, while the subscription phases for the UGF and Premafin capital increases, the approval of the merger plan and all activities concerning the sharing of the merger's joint industrial plan have been suspended. This was the ruling of the Antitrust, which found the implementation methods presented by the parties to be consistent with the suspension resolution itself, passed on April 26. All acts with potentially irreversible effects have been suspended, in fact, and a commitment to adopt a procedure with a more robust information segregation system was presented. The parties have been given five days to indicate the specific methods they intend to employ in order to guarantee that no strategic-industrial information is exchanged.
The preparation of the draft prospectuses for the UGF and Fonsai capital increases were also found to be consistent with the Authority resolution.
In light of the advance commitments announced by the Parties and Mediobanche, the Antitrust assessment of the operation's merit remains unprejudiced and also remains contingent upon the specification of the UGF industrial plan.
Rome - 3 May 2012