The Extraordinary and Ordinary Shareholders' Meeting of Centrale del Latte di Torino has approved the project for the merger by incorporation of Centrale del Latte di Firenze, Pistoia and Livorno SpA into Centrale del Latte di Torino & CSpA
A project that brings the creation of a central Italian milk company ever closer. By 30 September, the new company will land in Piazza Affari within the Star segment.
The operation approved today marks the birth of the country's third largest dairy hub, a company with a turnover of approximately 200 million euros, 5 production plants employing 430 people.
The exchange ratio is equal to one new Centrale del Latte d'Italia ordinary share for every 6,1965 Centrale del Latte Firenze ordinary shares and no cash adjustments are envisaged.
Based on what was communicated by the company, the shareholding structure of Centrale del Latte d'Italia (Cli) will be made up of Finanziaria Centrale Latte Torino with 36,99%, Municipality of Florence with 12,25%, Fidi Toscana (Finanziaria Regione Tuscany) with 6,83%, Municipality of Pistoia 5,26%, Lavia 3,99%, Luzzati family 2,56%, Chamber of Commerce of Florence 2,31%, Municipality of Livorno 0,97% and other shareholders with 28,84%.
The spin-off of the Mukki company and the transfer into a new company 'Centrale del Latte della Toscana', wholly controlled by Cli, based in Florence, is also envisaged, in order to guarantee the protection of the production site, the safeguarding of current employment levels and asset consolidation. The effectiveness of the merger and the start of trading of Cli shares is expected by 30 September 2016.
