(Alliance News) - Borgosesia Spa announced Friday that it has resolved to start exclusive negotiations aimed at the takeover, through BGS Alternative Srl, of the entire capital of OneOSix Spa, a Verona-based financial intermediary specializing in the purchase and management of impaired loans.

The board of directors also noted that it had already received formal endorsement of the proposal to participate in the negotiations from all OneOSix shareholders.

As the company explains in a note, the transaction is part of the program to strengthen alternative activities envisaged in the strategic plan and its main objective is to accelerate the growth of service activities provided by Borgosesia to third-party investors, expanding the range of offerings and benefiting from the company's client network.

In addition, the transaction enables the extension of Borgosesia's activities to trading on impaired loans and the generation of new selective investment opportunities.

Given OneOSix's nature as a supervised entity, the transaction is subject to clearance from the Bank of Italy, to which an application will be submitted in May.

Lastly, it should be noted that the transaction would be concluded between related parties and in compliance with the relevant procedure, as Istituto Atesino di Sviluppo Spa and Zarco Srl - Borgosesia's significant shareholder and related party, respectively - hold 49.86 percent and 15 percent stakes in OneOSix.

Borgosesia's stock is unchanged at EUR0.70 per share.

By Claudia Cavaliere, Alliance News reporter

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