(Alliance News) - Unidata Spa announced Wednesday evening that its board of directors has approved a plan to merge its wholly owned subsidiaries UNITWT Spa, Berenix Srl, and TWT Spa.

The purpose of the merger, reads a company statement, will be to rationalize and reorganize the Unidata group through the operational and accounting aggregation of the companies involved to arrive at a single legal entity, through the shortening of the chain of control between the operating company TWT and the parent company Unidata and the consequent containment of management costs resulting from the extinction of the incorporating companies, and, finally, through the unification of management and accounting processes in order to make them less complex and burdensome.

Since the incorporating companies are wholly owned by Unidata, the company points out, there is no need to carry out any capital increase and, consequently, no exchange ratio will have to be determined, nor will there be any basis for a cash adjustment in favor of the shareholders.

Unidata, on Wednesday, closed 4.3 percent in the red at EUR40.40 per share.

By Chiara Bruschi, Alliance News reporter

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