Merger lifts Mytilineos position
Metals and engineering holding group Mytilineos has approved its merger with subsidiaries Aluminium of Greece and Delta Project in a move that will make the entity one of the energy sector’s top players. Mytilineos, which has a market value of -1.5 billion, said that it will offer Aluminium of Greece shareholders one of its shares for every 2.5291 of their shares. The share swap ratio set for Delta Project shareholders was set at one Mytilineos share for 5.2963 Delta Project shares. The stocks will be deleted from the Athens bourse. «The speed at which corporate transformations took place and the implementation of investment plans by Endesa Hellas confirms initial projections by the company that in a short time, the group will take – along with Spain’s Endesa Hellas – second place in the energy market after Public Power Corporation (PPC),» the company said in a filing with the Athens bourse. Aluminium of Greece’s complete integration in the group and the contribution of all its energy assets greatly simplifies its structure, further enhancing transparency and the ease with which the group’s activities can be understood, the company added.
