Foncière des Régions (ENXTPA:FDR) made a proposal to acquire the remaining 47.6% stake in Beni Stabili SpA SIIQ (BIT:BNS) for approximately €810 million on April 19, 2018. On May 25, 2018, Foncière des Régions (ENXTPA:FDR) entered into a merger agreement to acquire the remaining stake in Beni Stabili SpA SIIQ (BIT:BNS). The potential merger would be made based on a share exchange ratio of 8.5 ordinary shares of Foncière des Régions for every 1000 ordinary shares of Beni Stabili SpA SIIQ. As a result of the interim dividend, exchange ratio has been updated to 8.2 Covivio shares for every 1000 Beni Stabili shares, on November 28, 2018. In case the merger plan is accepted by the Extraordinary General Meetings of both Beni Stabili SpA SIIQ and Foncière des Régions, Beni Stabili shareholders who did not vote in favor of the merger resolution will be entitled to a cash withdrawal right in accordance with applicable law in Italy. Foncière des Régions would also seek a dual-listing in Paris and Milan. On November 22, 2018, the public deed of merger was stipulated. Covivio announced that a request for admission to listing on the Italian Mercato Telematico Azionario - MTA was filed with Borsa Italiana S.p.A. on November 15, 2018 in accordance with the provisions of the merger plan. Subject to Borsa Italiana’s admission, the shares of Covivio are expected to be traded on the MTA from January 2, 2019. The transaction is subject to, in particular, the approval of Beni Stabili SpA SIIQ's independent Board members committee, nominated in the context of a related party transaction, approval of both Beni Stabili SpA SIIQ and Foncière des Régions Board of Directors approval by both companies’ Extraordinary General Meetings, admission to listing on Euronext Paris of the new FdR Shares that will be issued in favour of Beni Stabili’s shareholders and delivery by the competent French authority and an Italian notary public of pre-Merger compliance certificates regarding pre-Merger acts and formalities, and of the final legality certificates. It is envisaged that the Board of Beni Stabili SpA SIIQ will meet again by end of May 2018 to evaluate and eventually approve proposed transaction. The Extraordinary General Meetings are expected to occur in September 2018. On May 24, 2018, the Board of Directors of Beni Stabili approved the merger agreement after having received and acknowledged the unanimous favourable opinion of all members of the Related-Parties Committee for the purposes indicated in the Related-Parties Procedure. The execution of the Merger Agreement by the companies will occur after the approval by the Board of Directors of FdR, whose meeting is scheduled to take place on May 25, 2018. The Board further resolved to convene the extraordinary shareholders’ meeting of Beni Stabili on September 5, 2018, to approve the proposed merger. The Board of Directors of Beni Stabili and FdR will approve in the course of July 2018, with the involvement of Beni Stabili’s Related-Parties Committee to the extent required, the common merger plan that will also govern the technical implementation and completion of the merger. Following the agreement given by the Board of Directors of Beni Stabili, the Board of Directors of Fonciere des Regions has unanimously approved the transaction on May 28, 2018. As on July 18, 2018, the Board of Directors of Beni Stabili has approved, with unanimity of independent Directors, the merger plan, and the meeting of Covivio directors to approve the same merger plan is scheduled to take place on July 19, 2018. As of September 5, 2018, the shareholders of Beni Stabili SpA SIIQ approved the transaction. As of September 6, 2018, shareholders of Covivio approved the transaction. The conditions precedent are expected to occur during the first half of December 2018. As of December 14, 2018, all of the conditions set out in the merger agreement have now been satisfied. The transaction is expected to be completed by the end of 2018. As on July 18, 2018, the transaction is expected to complete by end of December 2018. As of December 14, 2018, the transaction is expected to close on December 31, 2018. On the basis of the proposed merger terms, the merger would have a slightly accretive impact of approximately +1% on EPRA Earnings and NAV per share. No material impact is expected on Foncière des Régions financial structure which would remain solid. Lazard & Co. S.r.l. acted as financial advisor and financial opinion provider and Deloitte Financial Advisory S.R.L. acted as accountant to Beni Stabili. Ascanio Cibrario, Francesca Leverone, Luca Rossi Provesi and Edoardo Avato of Pedersoli e Associati acted as the legal advisor to the related party committees of Beni Stabili SpA. Barbara Napolitano, Alessandro Balp, Riccardo Salerno, Francesco Farracchiati, Emanuela da Rin, Giovanni Battaglia, Teresa Pastore, Andrea Silvestri and Christoff Filippo Cordiali of BonelliErede acted as the legal advisor in the transaction. Morgan Stanley (France) SAS acted as the financial advisor to Covivio. Covivio (ENXTPA:COV) completed the acquisition of remaining 47.6% stake in Beni Stabili SpA SIIQ on January 4, 2019. Covivio shares have been delivered to Beni Stabili shareholders, based on an exchange ratio of 8.245 Covivio shares for every 1,000 of Beni Stabili shares. As a result of this transaction, Covivio holds 100% stake in Beni Stabili.