(Alliance News) - Ilpra Spa announced on Wednesday that, in agreement with the shareholders of the Turkish-registered company Ponapack, the deal to acquire 30 percent of its share capital will not be carried out at closing.

The transaction envisaged the purchase at closing by Ilpra, for a total consideration of approximately EUR1 million, of category B shares, which, by virtue of the prerogatives provided for in the target's bylaws, would have guaranteed 51 percent voting rights.

Due to the problematic period Turkey is experiencing, both economically and socially, following the earthquake that hit the country last February, Ilpra and the Ponapack shareholders decided by mutual agreement not to proceed with the closing of the share transaction.

Failure to finalize this acquisition is not subject to penalties or other detrimental consequences for either Ilpra or Ponapack. In addition, the companies will continue to maintain a relationship of mutual cooperation in order to better probe and guard the Turkish market.

Ilpra's stock is up 2.9 percent at EUR5.30 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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