Covivio Extraordinary General Meeting has approved the merger with Beni Stabili, based on an exchange ratio of 8.5 Covivio shares for 1,000 Beni Stabili shares, with the favourable votes of c. 99,7% of the share capital represented at the meeting. The merger has been approved yesterday by Beni Stabili Extraordinary General Meeting, with the favourable votes of c. 99,9% of the share capital represented at the meeting.
The merger, which will be completed at the ends of 2018, is in direct continuation with Beni Stabili's transformation plan initiated two years ago and further reinforces Covivio investment strategy in Italy, focused on Milan and the development pipeline. It is also a major step towards Group simplification allowing to increase ties between Covivio different divisions. Covivio is, therefore, consolidating its position as a leading European real estate player, leader on its respective markets, by further strengthening its three strategic pillars: Focus on large European capital cities, property development and client centricity.
Covivio Extraordinary General Meeting also approved the corporate name change from Fonciere des Regions to Covivio. This name change will enable a leader in European real estate to have an identity consistent with its strategy.
