(Alliance News) - Banca Profilo Spa announced Thursday that, with reference to the preliminary agreement for the sale and purchase of shares amounting to 29 percent of the share capital subscribed by Arepo BP Spa and Twenty First Capital Sas, the former has decided not to accept the additional extension request received from TFC.

Arepo is the controlling shareholder of Banca Profilo and parent company of the Banca Profilo banking group.

The extension would be necessary because the conditions precedent stipulated in the contract, which has therefore become ineffective, have not been fulfilled, the company explained in a note.

"Arepo's board of directors, in light of the decision taken not to grant a further extension to TFC, is in the process of evaluating the alternatives currently available for the valuation of its shareholding and will promptly communicate them to the market when the conditions are met," the note read.

Banca Profilo is flat at EUR0.21 per share.

By Claudia Cavaliere, Alliance News reporter

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