Key Developments: Indesit Company SpA (IND.BE)

IND.BE on Berlin Stock Exchange

10.97EUR
30 Oct 2014
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Latest Key Developments (Source: Significant Developments)

Indesit Company SpA announces Consob approval of Whirlpool Corp's Whirlpool Italia Holdings Srl mandatory tender offer document
Wednesday, 29 Oct 2014 01:58pm EDT 

Indesit Company SpA:Says Consob approved the offer document relating to the mandatory tender offer launched by Whirlpool Corp's Whirlpool Italia Holdings Srl for all ordinary shares of Indesit Company.Per share consideration in cash is of 11 euros.Tender period is from 8:00 a.m. (CET) on Nov. 3 until 5:30 p.m. (CET) on Nov. 21, inclusive, subject to extensions.Consideration payment date is Nov. 28, subject to extensions.Possible re-opening of the tender period is from 8:00 a.m. (CET) on Dec. 1 until 5:30 p.m. (CET) on Dec. 5, with a consideration payment on Dec. 12.  Full Article

Whirlpool completes purchase of majority interest in Indesit
Tuesday, 14 Oct 2014 12:31pm EDT 

Whirlpool Corp:Announced that its wholly owned subsidiary, Whirlpool Italia Holdings S.r.l., acquired a 56 pct stake in Indesit Company S.p.A., representing 61.9 percent of the voting stock of Indesit.Acquired the shares under two share purchase agreements entered into on July 10 with Fineldo S.p.A. and members of the Merloni family.  Full Article

Indesit Company SpA says European Commission approves Whirlpool’s acquisition of Indesit
Monday, 13 Oct 2014 12:23pm EDT 

Indesit Company SpA:Says Whirlpool Corporation announced that the European Commission approved the acquisition of a majority stake in Indesit Company SpA by Whirlpool Italia Holdings Srl, the company’s wholly owned subsidiary.Says European Commission approval is important in meeting the closing conditions under the share purchase agreement entered into with Fineldo SpA on July 10.Says the company expects to complete the next steps necessary for closing the transaction in the near future.  Full Article

Indesit Company SpA issues outlook for second half of FY 2014
Wednesday, 30 Jul 2014 06:33am EDT 

Indesit Company SpA:Issues outlook for second half of FY 2014.Expects sales essentially unchanged with respect to the prior year.Expects an operating margin excluding non-recurring charges (adjusted EBIT) of at least 3.5 pct of sales.  Full Article

Indesit Company SpA says Whirlpool Corp completes first purchase of Indesit stock
Thursday, 17 Jul 2014 03:15pm EDT 

Indesit Company SpA:Says Whirlpool Corp announces that on July 17 it has completed the purchase of 4.4 percent of Indesit Company SpA shares from Claudia Merloni, as set out by the relevant agreement entered into on July 10.Whirlpool and Fineldo SpA announced on July 10 that Whirlpool, Fineldo and members of the Merloni family (among others, Claudia Merloni) entered into binding agreements for the acquisition by Whirlpool of shares representing a total of 66.8 percent of the voting stock of Indesit.Says the July 17 purchase is the first part of this transaction to close.Says the acquisition of the remaining shares, representing a majority stake of Indesit, is subject to judicial and antitrust approvals and is expected to close by the end of 2014 as indicated in the press release issued on July 10.  Full Article

Whirlpool Corp enters into agreements to acquire majority interest in Indesit Company SpA
Thursday, 10 Jul 2014 08:43pm EDT 

Whirlpool Corp:Enters into binding agreement for sale of Fineldo's stake in Indesit Company SpA.Says it has entered into binding share purchase agreements with members of Merloni family for their Indesit shares.Under these agreements, Whirlpool would acquire shares representing a total of 66.8 pct. of voting stock of Indesit.Says it currently intends to finance this transaction through cash on hand, together with private, domestic and international public debt financing, depending on the timing of closing and market conditions.Acquisition is expected to close by end of 2014.In this transaction, Whirlpool simultaneously entered into share purchase agreements with Fineldo for a 42.7 pct. stake in Indesit; certain members of Merloni family for 13.2 pct. stake in Indesit and Claudia Merloni for 4.4 pct. stake in Indesit.Total of 60.4 pct. of Indesit stock capital represents a 66.8 pct. voting stake in Indesit, in light of treasury shares held by Indesit.Purchase price under all three share purchase agreements is 11.00 euros / $15.06 per Indesit share, resulting in a total expected purchase price of 758 mln euros / $1.038 bln.Under Fineldo Agreement, however, purchase price is subject to a possible pre-closing downwards or upwards adjustment based on Indesit's consolidated average net debt and net working capital.  Full Article

CORRECTION OFFICIAL - Indesit Company SpA says no FY 2013 dividend on ordinary shares; proposes FY 2013 dividend on non-convertible savings shares
Friday, 21 Mar 2014 11:09am EDT 

CORRECTED TO READ ... dividend will be paid from May 22, with an ex-dividend date on May 19 and record date on May 21 ... instead of ... paid on May 15, with an ex-dividend date of May 15.Indesit Company SpA:Says, given the consolidated results posted in fiscal year 2013, the Board of Directors decided to put to the Shareholders’ Meeting a proposal for non-distribution of a dividend on ordinary shares.Says, in accordance with the company’s by-laws, a dividend of 0.045 euros will be paid on each non-convertible savings share.Said dividend will be paid from May 22, with an ex-dividend date on May 19 and record date on May 21.  Full Article

Indesit Company SpA Comments on FY 2013 Guidance-Reuters
Wednesday, 30 Oct 2013 07:17am EDT 

Reuters reported that Indesit Company SpA announced that for fiscal year 2013, it forecast sales of slightly over EUR 2.7 billion and profitability in line with the objectives already announced to the market. Indesit Company SpA also confirmed its objective of profitability before non-recurring charges between 3% and 3.3%. According to I/B/E/S Estimates, analysts on average are expecting the Company to report for fiscal year 2013 revenues of EUR 2,777.14 million.  Full Article

Indesit Company SpA Issues FY 2013 Revenues and EBIT Guidance Below Analysts' Estimates
Wednesday, 24 Jul 2013 07:21am EDT 

Indesit Company SpA announced that it has issued the Company's fiscal year 2013 revenues and EBIT guidance. The Company expects to report for fiscal year 2013 sales down 3-4% compared to fiscal year 2012 and an operating margin (adjusted EBIT) of approximately 3-3.3% of sales. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report for fiscal year 2013 revenues of EUR 2,881.20 million, while for fiscal year 2012 the Company reported revenues of EUR 2,886.00 million, and EBIT for fiscal year 2013 of EUR 102.25 million.  Full Article

Indesit Company SpA To Cut One-Third Of Workforce In Italy-Reuters
Tuesday, 4 Jun 2013 12:28pm EDT 

Reuters reported that Indesit Company SpA plans to cut 1,425 jobs in Italy, one-third of its local workforce, as part of a turnaround plan, two trade unions said.  Full Article

EU mergers and takeovers (Oct 14)

BRUSSELS, Oct 14 - The following are mergers under review by the European Commission and a brief guide to the EU merger process:

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