Centrale del Latte di Torino (Clt) e Centrale del Latte of Florence, Pistoia and Livorno (Clf, known for the Mukki brand), will join together, giving life to the third Italian dairy hub. The title of the Central Turin it shot up in the Bora yesterday and closed more than 20% higher.
The operation, the companies have communicated, will take place through a merger by incorporation of Mukki in Central Turin. At the end Clt will change its name to “Milk Central of Italy” and will remain listed on the Star segment of the MTA. The exchange ratio was defined as 1 new Cli ordinary share for 6,1965 Clf ordinary shares. Neither exchange ratio adjustment mechanisms nor cash adjustments are envisaged.
To satisfy the exchange ratio resulting from the merger, Clt will increase its share capital from 20,6 million to 28,84 million euros by issuing 4.000.020 new ordinary Clt shares with the same characteristics as those in circulation. The merger does not provide for the exercise of any right of withdrawal.
Among the steps envisaged is that, immediately after the merger takes effect, the contribution by Cli of Mukki, currently held by Clf, to Centrale del Latte della Toscana (entirely controlled by Cli) will take place. This latest operation, reads the note, is aimed at guaranteeing the consolidation of assets, the protection of the production site and the safeguarding of the current employment levels of the current Mukki as an important local institutional reality.
The shareholding structure of Centrale del Latte d'Italia (Cli) will be made up as follows: Centrale Latte Torino finance company 36,99%, Florence municipality 12,25%, Toscana Fidi (Tuscany Region finance company) 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%, other shareholders 28,84%.
