Amsterdam-registered investment company Kardan said on Thursday that its supervisory and management boards have approved the merger of the comapny with its real estate subsidiary GTC Real Estate. In a statement, Kardan said that the management believes the merger will create a larger holding company with a strengthened financial and equity position. In addition, the management board said it considered the merger necessary to further increase the transparency of the group.
Amsterdam-registered investment company Kardan said on Thursday that its supervisory and management boards have approved the merger of the comapny with its real estate subsidiary GTC Real Estate. In a statement, Kardan said that the management believes the merger will create a larger holding company with a strengthened financial and equity position. In addition, the management board said it considered the merger necessary to further increase the transparency of the group.
GTC RE shareholders will receive shares in Kardan at a share exchange ratio of 0.81 Kardan share for each GTC RE share. The merger is expected to become effective by the end of 2008.
Kardan, which is listed on Euronext Amsterdam, has total assets vald at EUR 5 bn.
