WeBuild (+ 6.06%) moves in progress in the morning while Astaldi loses ground (-15.54%). The boards of directors of the two companies shared the opportunity to merge the two companies and the definitive separation between Astaldi’s business and Astaldi’s destined assets (defined in the context of the arrangement with creditors).
In particular, Equita recalled, the project envisages the assignment in favor of WeBuild of the activities intended for business continuity, while Astaldi will maintain ownership of the assets and of the active and passive relationships that have merged into the Intended Assets; an exchange ratio of 203 WeBuild ordinary shares for every 1,000 Astaldi ordinary shares. The merger plan will first be submitted to the approval of the Boards of Astaldi and WeBuild convened for next March 19th and then submitted for the approval of the shareholders in April. The closing of the transaction is expected in July 2021. Upon completion of the transaction, Astaldi will be delisted from Borsa Italiana. Banca Akros, which confirms a neutral rating and an objective price of 1.4 euros on WeBuild, reports that the deal will lead to significant synergies.