Fincantieri & Mer Mec will not finalize the acquisition of Vitrociset
Friday, September 7, 2018 7:56 PM
Reference is made to Fincantieri’s press release of 7 August 2018, which stated that Fincantieri and Mer Mec executed an agreement for the joint and equal acquisition of 98.54% of Vitrociset. The transaction was subject to several conditions, including that Leonardo S.p.A., a minority shareholder of Vitrociset, would not exercise its pre-emption right to acquire the entire share capital of the company, of which it currently holds 1.46%.
Leonardo S.p.A. has announced today that its Board of Directors has approved its exercise of such pre-emption right. The exercise of such right renders the agreement for the joint acquisition of Vitrociset by Fincantieri and Mer Mec ineffective, thereby eliminating the prerequisites for the completion of the transaction.
Such outcome will not affect in any way the achievement of the economic and strategic objectives of the Fincantieri Group. Fincantieri will continue to pursue initiatives already underway, aimed at implementing its expertise in logistic support activities requested by customers, an area that is becoming increasingly essential for successfully competing in international markets.