Jumbo SA (ATSE:BELA) agreed to acquire Tanocerian Commercial & Investment S.A. for approximately €420 million in stock on April 5, 2016. The board of Jumbo and Tanocerian agreed to a share exchange ratio of approximately 202.19:1, resulting in the issuance of 36.35 million new shares in the combined share capital of Jumbo. As part of the transaction, Tanocerian Commercial will merge its operations into Jumbo. The shares of Tanocerian will be cancelled and will be converted into rights to exchange with shares of Jumbo. Tanocerian held 36.35 million shares representing 26.72% stake in Jumbo, as part of the transaction, these shares will be cancelled and refunded in an amount of €43.26 million. The transaction is subject to approval by shareholders of Jumbo and Tanocerian Commercial. The transaction materialization also requires approval from the General Commercial Registry of the competent supervisory authority. As of May 18, 2016, the deal was approved by the shareholders of both the parties. On June 2, 2016, approval from Ministry of Economy Development and Tourism was obtained. Listing approval for the new shares is expected by June 30, 2016. As on June 30, 2016, the Managing Committee of the Athens Exchange approved the listing and commencement of trading of 36.35 million shares held by Tanocerian which is the consideration shares held for transaction. The shares will commence trading from July 4, 2016 with change in par value form €1.19 to €0.88 per share. The transaction is expected to complete by July 1, 2016. PKF Euroauditing S.A. acted as accountant to both Jumbo and Tanocerian. Jumbo SA (ATSE:BELA) completed the acquisition of Tanocerian Commercial & Investment S.A. on July 4, 2016.