Estonia, Markets and Companies, Mergers and take-overs, Textile
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Wednesday, 22.05.2013, 22:02
Baltika merges with its wholly-owned subsidiary Virulane
Juhan Tere, BC, Tallinn, 22.06.2012.
Print version
Print versionIn May 2012 AS Baltika acquired 2,595 AS Virulane shares (6.2% of shares) and now owns 100% of subsidiary’s shares, the company informed the Tallinn bourse.
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On 21 June 2012, AS Baltika and AS Virulane executed a merger agreement according to which AS Baltika is the acquiring company and AS Virulane the company being merged. Pursuant to the merger agreement AS Virulane, transfers all its assets (rights and obligations) to AS Baltika, writes LETA.
AS Virulane is subsidiary of Baltika whose production operations were divested in the first quarter of 2010. Since then the entity has been dormant. The goal of the merger is to minimise the administrative management costs of the company being acquired.
The merger will have no economic effect on the other subsidiaries of the group and the share capital of AS Baltika will neither be increased nor exchanged.
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