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Solowow Agrees on Opoczno and Cersanit Merger(Polish News Bulletin Via Thomson Dialog NewsEdge) Michal Solowow, a majority shareholder in Cersanit, agreed on a plan from Opoczno shareholders to merge the two ceramic tile makers, ending a two-month dispute. The financial investors owning Opoczno shares, blocked the plan to sell Opoczno's production assets to Cersanit and turn it into Cersanit's sale division back in September. Cersanit holds 48.4 percent of Opoczno. Solowow, who is also a head of Cersanit supervisory board, has ultimately agreed to the financial investors' merger plan based on a stock swap. The swap will be carried out according to 1.33 parity, which would mean three shares in Opoczno are worth four new shares in Cersanit. "The parity matches market consensus," Solowow said. "It's a win-win situation and it adds new value to both parties." The plan must still be approved by the shareholders of both companies. Solowow estimates that the merger will be completed within three months. \nc 04012001 Copyright 2007 Polish News Bulletin Company, Source: The Financial Times Limited |