(Alliance News) - Iniziative Bresciane Spa announced Wednesday that the company's board of directors has approved the plan to merge Iniziative Mella Srl into the company.

The merger plan was also approved by the board of directors of the merging company.

"The merger will allow the implementation of a program of rationalization of the group's corporate structure with the aim of merging the power plants currently managed by the merging companies into a single company," the company explained in a note.

Iniziative Bresciane is up 0.6 percent to EUR15.90 per share.

By Claudia Cavaliere, Alliance News reporter

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