French listed property group Icade and its 90%-controlled SIICInvest unit announced on Friday that the companies' shareholders have approved the planned merger by absorption of SIICInvest into Icade.
French listed property group Icade and its 90%-controlled SIICInvest unit announced on Friday that the companies' shareholders have approved the planned merger by absorption of SIICInvest into Icade.
Icade announced its intention to merge with SIICInvest in early September this year. The company will swap its shares with SIICInvest ones with an exchange ratio of one Icade share for 31 SIICInvest shares. The merger is designed to simplify the structure of the group and to optimise its operating costs, Icade said.
Last week, the French investor and developer said it posted a turnover of EUR 1 bn during the first nine months of the year, down by 5.5% compared to the same period a year before. The decline largely reflected disposals in 2009 of its property management business for individuals and its facilities management activities.
Icade, a subsidiary of Caisse des Dépôts, sold commercial and residential property for EUR 216 mln in the third quarter of 2009. The French listed company, which is switching its focus to commercial property, is currently in the final stage of negotiations for the sale of its entire residential portfolio.
