• The proposed merger was approved by the Board of TerniEnergia and by the Extraordinary Shareholders’ Meeting of Lucos Alternative Energies
  • The strategic target of the transaction is to promote the development of the energy efficiency business
  • TerniEnergia states the end of the use of the welfare earnings supplement fund activated to manage the workforce, following the update of the schedule of construction sites in South Africa

 The Board of TerniEnergia, smart energy company active in the fields of renewable energy, energy efficiency, waste and energy management, listed on the Star segment of the Italian Stock Exchange and part of Italeaf Group, and the Extraordinary Shareholders’ Meeting of Lucos Alternative Energies (now a wholly owned subsidiary of the same TerniEnergia), have approved today the Merger by Incorporation (hereinafter the “Merger”) of Lucos in TerniEnergia, through approval of the merger plan prepared pursuant to Article 2501-ter and 2505, Civil Code, and already made public in accordance with law.

The Merger is part of the industrial and strategic new program, already announced to the market with the press release issued by TerniEnergia dated January 27, 2015 and with the Business Plan 2015-17 “Fast on the road smart energy” presented on February 9, 2015, aimed at developing the business of energy efficiency. In particular, the Merger will result in a shortening of the company’s control chain that will allow a better financial management of energy efficiency, a better coordination of industrial energy saving activity, the achievement of production and financial synergies and the fullfilment of significant savings in operating and managing fixed costs.

The resolution of the Board of Directors of TerniEnergia, resulting from public act pursuant to Article 2505, paragraph 2, Civil Code, will be published, once recorded in the Companies Register, on the website www.ternienergia.com, under Investor Relations/fusion-TerniEnergia-Lucos section (where there are already documents relating to the Merger), as well as making available to the public at the registered office and in the manner provided by law.

The signing of the merger is expected to take place the first days of May of this year, once carried out the necessary actions for statutory required by law. The legal effects of the Merger shall be effective from the date defined in the same merger deed, while the accounting and tax effects shall be effective from the first day of the year at the moment of the occurrence of the real effects of the Merger.

TerniEnergia also announces that on February 28 will end the use of the welfare earnings supplement fund, following the update of the schedule of construction sites in South Africa, as announced on July 31, 2014. TerniEnergia considered fully overcome the conditions that led to the assumption of timely action for the management of human resources, due to the evolution of the business model following the acquisition of Free Energia, the start of the new business plan “Fast on the smart energy road” and implementation of the new organizational model.