Posted By Global Banking and Finance Review
Posted on December 12, 2024
ZURICH (Reuters) - Swiss real estate company Ina Invest said on Thursday its merger talks with peer Cham Group are now advanced and could be approved by shareholders in late March.
If negotiations are successful, the merger will be submitted to both companies' shareholders for approval at their annual general meetings on March 31, 2025, Ina said in a statement.
Based on previous valuation considerations and subject to the companies' year-end annual financial statements, Ina said it is assumed that Ina shareholders would hold a stake of approximately 34% in the merged company.
Construction and real estate firm Implenia, which has a stake of around 40% in Ina, said it currently expects to end up with a holding of about 14% in the new firm. It will also continue to have a seat on the board of directors.
Agreements between Ina and Implenia on development, portfolio management, asset management and realisation of the portfolio will be replaced by strategic partnership agreements.
As a result, Ina will make a one-off payment of 31 million Swiss francs ($35 million) to Implenia in 2025, Implenia said.
($1 = 0.8838 Swiss francs)
(Writing by Dave Graham, Editing by Rachel More)