French real estate investment trust Affine has unveiled the terms of its planned merger with the Paris-focused subsdiary, AffiParis, in a move aimed at streamlining the group's business and reducing operating costs.
French real estate investment trust Affine has unveiled the terms of its planned merger with the Paris-focused subsdiary, AffiParis, in a move aimed at streamlining the group's business and reducing operating costs.
Affine first announced plans to take over AffiParis in late September. The operation will be carried out with an exchange ratio of 0.46 Affine share for each AffiParis share.
Affine currently holds 87.7% of AffiParis' capital and around 87.9% of its voting rights. Under the merger, Affine will receive assets with a net book value of EUR 202 mln.
The completion of the merger is conditional on approval by the financial markets authority AMF and AffiParis’ extraordinary general shareholders’ meeting in early December 2012. If approved, the merger will become effective retroactively to 1 January 2012.
