Agras shareholders postpone merger with Unita

The shareholders of Agras-Wiener Staedtische Group have rejected the project for a merger by absorption with Unita Timisoara, arguing a decision in favour of the merger would have impacted on the quote of the company in Bucharest during the tender offer put out by the Timisoara-based company. “When Agras’ GM of shareholders was first scheduled, we thought the capital market regulating authority, the National Securities Commission (CNVM) would endorse the tender offer put out by Unita in good time. The offer was supposed to be closed before the meeting of the shareholders of the company in Bucharest, scheduled for Wednesday, March 10. The dismissal of the merger project stemmed from the intention to not have the Agras shares quote influenced during the tender offer,” said the chairperson of Agras- Wiener Staedtische Group, Maura Klassek. According to the EGM announcement published on the Bucharest Stock Exchange’s (BSE) website on February 13, the Agras shareholders’ agenda included the endorsement of the merger by absorption with Unita and authorising the Board of Directors to devise the merger draft. ZF