ΜARFIN INVESTMENT GROUP ('MIG') and VIVARTIA AVEE ('VIVARTIA') announce the following:
- MIG has agreed to acquire a 30% stake from the main shareholders of VIVARTIA for a price of Euro 25 per share. The transaction will be completed on the market opening of the Athens Stock Exchange on Monday 16/07/2007.
- Mr. D. Daskalopoulos will remain as Executive Chairman of VIVARTIA and will retain a shareholding of 5,1%. Mr. S. Theodoropoulos will remain as Chief Executive Officer of VIVARTIA and will retain a shareholding of 1.3%. Mr. A. Vgenopoulos will assume the duties of non-executive Vice Chairman in the Company.
Commenting on the agreement, Mr. Daskalopoulos made the following statement:
In today's global economy, there is a great need for critical mass, international presence, and the combination of vision, solid management and financial strength. Today's agreement with MIG meets all of the above criteria and signals a new era of dynamic and ongoing growth for VIVARTIA, in its goals to become one of the largest companies amongst its peer group globally.
In addition, Mr. A. Vgenopoulos made the following statement:
I believe that our common vision with the management of VIVARTIA, along with the combination of skill-set and capital, creates the right conditions to add significant value for the shareholders of both companies.