BUSINESS

Merger of Intracom with Intralot is not confirmed

VANGELIS MANDRAVELIS

TAGS: Business

Both Intracom Holdings and Intralot on Thursday refuted talk about a merger of the two companies.

Word had it that there would be a mega-merger involving all four companies in the same group – Intracom, Intrakat, Intralot and Intrasoft – so as to provide Intralot with breathing space following its loss of Turkish betting firm Iddaa, the drop of the nominal value of its bonds and the downgrading of its credit rating.

Owned by Sokratis Kokkalis, Intracom Holdings and Intralot issued virtually identical statements to refute the claims: “The reports do not correspond to reality,” read both statements to the Athens Exchange. They stressed that they always immediately report any information concerning facts or situations whose publication could affect their shares, in line with legislation.

The rumors started with the recent recovery of the two companies’ stock prices and the attempted reorganization of the Intracom Holdings group. There has also been a significant increase in share transactions recently, which observers combined with last Friday’s announcement of the creation of Intracom Technologies in Luxembourg.

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