Glenalta food and GF Group announce merger
The Boards of Directors have also convened the Shareholders' General Meetings in order to vote on the operation, to be held on 29th November 2016 and 1st December 2016.
Glenalta Food S.p.A. is an SPAC (Special Purpose Acquisition Company), listed on the AIM Italy segment of the Italian Stock Exchange and financially equipped to the amount of approximately €80 million, which was raised on admission to trading on the Stock Exchange. The Orsero Group was selected as a Glenalta Food target company thanks to its recent economic results and its strong competitive position in the reference markets.
The historical owners of GF Group will remain key shareholders in the listed company resulting from this merger. Starting from the effective date of the merger, Orsero S.p.A's Board of Directors will be composed of 7 members, 5 of whom will be nominated by GF Group.
This will be the first case in Italy of a termination of debt restructuring agreements with a simultaneous listing on the Stock Exchange.
Once the operation with Glenalta Food becomes effective, expected by the beginning of 2017, Orsero S.p.A will nominate Paolo Prudenziati as Chairman of the Board of Directors with management responsibilities. Raffaella Orsero will be nominated Deputy Chairman and CEO. The current GF Group CFO, Matteo Colombini, will sit on the Board of Directors as CEO, working alongside Raffaella Orsero.
Thanks to this operation, Orsero S.p.A. will once again have the financial resources to dedicate to significant growth plans aimed at further reinforcing its leadership position in its core business of the import and distribution of fresh fruit and vegetable produce.
