Terna's Board of Directors has approved the project for the merger by incorporation of the two subsidiaries Terna Rete Italia (Tri) and Terna Storage (Terna Storage), as part of a corporate simplification program of the Terna group.
"The merger operation - explains the company in a press release - has the objective of improving the operations of the Terna group companies, increasing their synergies, through a reorganization of the group itself aimed at simplifying the shareholding chain and aimed at pursuing of greater management efficiency and the reduction of administrative costs, since both companies to be merged operate in the same sector as the parent company Terna, respectively concerning the management and operation of electricity lines and the other activities carried out by the latter.
As mentioned, the merger will involve two companies wholly owned by Terna. By virtue of this, explains the note "the merger will take place in a simplified form and, therefore, without a share swap and without a capital increase of the incorporating company and, as permitted by Terna's by-laws, the decision regarding the merger will be adopted by the board of administration of Terna”.
