Vitrociset operation cancelled
Fincantieri and Mer Mec will not finalize their acquisition due to minority shareholder’s Leonardo exercise of right
Fincantieri and Mer Mec will not finalize the acquisition of Vitrocised that was announced in early August, when the two companies stated that they executed an agreement for the joint and equal acquisition of 98.54% of the private company, set up to provide support, training and logistic activities in the defence, security, space and transport markets, through the integration of the state of the art technologies in ict, in design of systems and in simulation.
The transaction was subject to several conditions, including that Leonardo S.p.A., a minority shareholder (it currently holds 1.46%), would not exercise its pre-emption right to acquire the entire share capital.
Contrariwise to what expected – Fincantieri just announced - Leonardo S.p.A. stated that its Board of Directors has approved its exercise of such pre-emption right that of course renders the agreement for the joint acquisition of Vitrociset by Fincantieri and Mer Mec ineffective, thereby eliminating the prerequisites for the completion of the transaction.
“Such outcome will not affect in any way the achievement of our economic and strategic objectives” stated Fincantieri. “Our Group will continue to pursue initiatives already underway, aimed at implementing its expertise in logistic support activities requested by customers, an area that is becoming increasingly essential for successfully competing in international markets”.