Creval incorporates Credito Siciliano. The news comes directly from the bank of Sondrio which, through a note, announced that the board of directors of Credito Valtellinese and the extraordinary shareholders' meeting of Credito Siciliano have given the green light to the merger by incorporation operation.
With the operation, Creval holds 98,5% of the share capital of Sicilian Credit.
Going into detail, the effective exchange ratio is equal to 78,35 new Creval shares, with no nominal value, for each Credito Siciliano share, also with no nominal value.
The remaining 1,5% of Credito Siciliano's shareholders are assigned the right to sell their shares to the bank and the Valtellinese institute at a price set at 19,68 euros per share. The right of sale may be exercised, for all or part of the shares held, by registered letter which must be sent within 15 days of the registration in the Companies Register of the resolution of the extraordinary shareholders' meeting of Credito Siciliano which approved the merger project . The signing of the merger deed is expected by the end of the first half of 2018.
A Business Square the Creval share dropped today by 2,78% to 0,1015 euro.
