(Alliance News) - Casasold Spa announced Friday that its board of directors has reviewed and approved the plan to merge Tweppy Srl into its parent company Casasold.

"The merger between Casasold and Tweppy is aimed at realizing, in light of the evolution of Casasold's core business and its diversification to include the activities and services provided by Tweppy, a rationalization of the use of resources, to be carried out mainly through the aggregation of the investee company," the company specified in a note.

In addition, the merger is aimed at making the corporate management of the company and the group more homogeneous and efficient, eliminating the duplication of management costs and corporate structures, and taking advantage of greater synergies, especially in the areas pertaining to the merged company."

Tweppy's share capital is wholly owned by Casasold, which allows for a simplified merger procedure, the company explains.

Casasold closed Friday 1.7 percent in the red at EUR0.88 per share.

By Chiara Bruschi, Alliance News reporter

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