(Finance) – BFa holding company listed on Euronext Milan and active in the agro-industrial sector, the subsidiary Consorzi Agrari d’Italia (CAI), the other current members of CAI and the Consorzio Agrario di Siena Società Cooperativa have signed an investment agreement having as its object the transfer by the Siena Consortium to CAI of a business unit consisting of corporate compendiums instrumental to the marketing, production and provision of agricultural services and products (i.e. all tangible and intangible activities relating to the core business carried out by the Siena Consortium), together with some properties instrumental to carrying out the characteristic activity, plants and equipment, intangible assets, working capital, personnel and related liabilities, and a part of the financial debt to release a share capital increase reserved for the same; BF will also sign a contract increase in share capital of CAI, to be paid in cash.
The parties have also took steps to implement it to the agreement and, therefore, to complete the operation. In particular, the Siena Consortium has fully subscribed and paid the capital increase of the Siena Consortium, approved by the CAI assembly, for 21,418,000 euros, in addition to a share premium of 5,000,000 euros, through the transfer of the business unit, which will be effective from 1 March 2024. Likewise, BF has subscribed to the BF capital increase, approved by the CAI meeting, for 12,500,000 euros. The cash subscription by BF was financed using the proceeds from the valorization of the investee company Bonifiche Ferraresi. The total amount of the capital increases is therefore equal to 33,918,000 euros, plus a share premium of 5,000,000 euros.
“The integration of Consorzio Siena, which will contribute approximately 100 million euros to turnover growth in addition to the expansion of the market perimeter, it represents a further step forward in CAI’s external and internal growth path, consistently with the BF Group’s 2023-2027 industrial plan”, commented theCEO Federico Vecchioni.