DGAP-News: CECONOMY AG
/ Key word(s): Corporate Action/AGM/EGM
CECONOMY expects closing of transaction with Convergenta already at the beginning of June 2022
Düsseldorf, 17 May 2022 - No suits have been filed against the resolutions of the Extraordinary General Meeting of CECONOMY held on April 12, 2022. With that nothing stands in the way of simplifying and unifying the shareholder structure of CECONOMY and MediaMarktSaturn. At the Extraordinary General Meeting, the shareholders of CECONOMY had approved the capital measures associated with CECONOMY's acquisition of Convergenta Invest GmbH's minority shareholding in MediaMarktSaturn by a large majority. Following the Extraordinary General Meeting, the preference shareholders of CECONOMY also approved the conversion of preference shares into ordinary shares, which was previously resolved by the Extraordinary General Meeting. CECONOMY now expects the transaction with Convergenta to be completed as early as the beginning of June. The conversion of preference shares into ordinary shares is expected to become effective already at the end of May.
With closing of the transaction, CECONOMY will become the sole shareholder of MediaMarktSaturn. In return, Convergenta will become an anchor shareholder of CECONOMY. "This is an important step for our company and we are pleased that it is now happening quickly," said Dr. Karsten Wildberger, CEO of CECONOMY and MediaMarktSaturn. "With the simplified shareholder structure, we are also setting the course for a successful future in organizational terms. We will be faster and more effective and can concentrate fully on the essentials - on our customers, on the business. The transaction is value-creating in every respect – for all stakeholders.”
The conversion of preferred shares into ordinary shares will be effected by entering the corresponding amendment to the Articles of Association in the Commercial Register. This will be followed by the transfer of preferred shares into ordinary shares in accordance with securities law.
17.05.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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|ISIN:||DE0007257503, DE0007257537, Weitere: /de/investor-relations/|
|WKN:||725750, 725753, Weitere: /de/investor-relations/|
|Listed:||Regulated Market in Dusseldorf, Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1353929|
|End of News||DGAP News Service|