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Isagro SpA Announces Strategic Alliance with Gowan Group


Wednesday, 31 Jul 2013 05:45am EDT 

Isagro SpA announced that jointly with Piemme Srl, company by which it is indirectly controlled, it has reached agreement for the entrance of an industrial partner, Gowan Group (a U.S.A. based agrochemical company), in the controlling system of Isagro. This agreement rules for: the set-up of a new company (NewCo), at the beginning fully controlled by Piemme and to which the same Piemme shall transfer its controlling stake of Manisa Srl (company controlling Holdisa Srl, which owns 54.7% of Isagro’s ordinary shares); a capital increase in NewCo dedicated to Gowan (to take place in October 2013), after which NewCo shall be participated 51% by Piemme and 49% by Gowan; the offer from NewCo to the minority quota holders of Manisa and Holdisa (Minorities) to buy their quotas; a capital increase by Isagro to be offered in option to current shareholders, amounting to total EUR 25-30 million, covered for about EUR 16 million by funds deriving from the financial contribution by Gowan; the merger by incorporation of Holdisa and Manisa in NewCo, to the extent made possible by the acquisition from Minorities of their stakes of these companies. Agreements for the distribution of Isagro’s products through Gowan’s commercial networks in the U.S.A. and in Italy, are also arranged. Moreover, Isagro and Gowan will work, through an equally participated Steering Committee, to the identification of mutual synergies concerning product development and industrial/commercial/distributive operations. 

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