DGAP-News CECONOMY AG shareholders approve capital measures to reorganize shareholdings in MediaMarktSaturn
DGAP-News: CECONOMY AG / Key word(s): AGM/EGM
CECONOMY AG shareholders approve capital measures to reorganize shareholdings in MediaMarktSaturn
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- Shareholders approve capital measures related to acquisition of the MediaMarktSaturn minority stake and reorganization of the shareholder structure with overwhelming majority
- Approval of transaction with Convergenta paves the way for a simplified corporate structure and further tax consolidation
Düsseldorf, 17 February 2021 - At today's Annual General Meeting of CECONOMY AG ("CECONOMY"), shareholders approved all resolutions proposed by CECONOMY with the required majority.
The proposal for the capital increase and issuance of the convertible bonds, both against contribution-in-kind and excluding statutory subscription rights, in connection with the acquisition of the MediaMarktSaturn minority stake, was approved by 98.94% of the shareholders' votes cast. Closing of this transaction is expected at the earliest by end of Q1 2021. Subsequently, Convergenta will become CECONOMY's largest shareholder and hold an approximately 25.9% stake, which could be increased further via conversion of the new convertible bonds.
The shareholder approval paves the way for a further integration of MediaMarktSaturn. Following this milestone and envisaged closing, the company will move ahead with tax consolidation measures, thereby unlocking significant value creation potential.
The presence, including electronic absentee, corresponded to 81.51% of the share capital. In order to protect the health of all individuals involved, CECONOMY organized a virtual Annual General Meeting for the very first time. The voting results on the individual agenda items of the Annual General Meeting can be found at https://www.ceconomy.de/general-meeting at the latest on 18 February 2021.