(Alliance News) - Mondo Tv France SA and Mondo TV Suisse SA announced Thursday that their respective extraordinary shareholders' meetings approved the merger of Mondo TV Suisse into Mondo TV France.

The benefits of the merger, the companies write in a statement, include business integration, increased economies of scale, overall structural cost efficiencies, and management integration.

As a result of the merger, Mondo TV France's share capital will increase to about EUR3.8 million from EUR1.6 million and will be divided into 470.0 million ordinary shares with no par value.

Mondo TV France's shareholders' equity will be increased by Mondo TV Suisse's net book value of EUR2.5 million.

Upon completion of the merger process, all of Mondo TV Suisse's assets will be transferred to Mondo TV and Mondo TV will be cancelled; Mondo TV France's business in Switzerland will continue through the establishment of its own branch in Ticino, without any substantial changes at the operational and organizational level compared to the business previously carried out by Mondo TV Suisse.

Following the completion of the transaction, approximately 41.5 percent of the share capital of Mondo TV France will be held by the current shareholders of Mondo TV France and approximately 58.5 percent by the current shareholders of Mondo TV Suisse; the reference shareholder Mondo TV Spa will hold approximately 48 percent of the new entity upon completion of the merger.

On Thursday, Mondo TV France's stock closed at a par at EUR0.01 per share while Mondo TV Suisse ended 3.1 percent in the red at EUR0.44 per share.

By Chiara Bruschi, Alliance News reporter

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