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Arnoldo Mondadori Editore SpA Approves Merger by Incorporation of Wholly-Owned Subsidiary Mondadori International SpA; Issues H2 FY 2013 and FY 2013 Operating Profit Guidance

Tuesday, 30 Jul 2013 11:42am EDT 

Arnoldo Mondadori Editore SpA announced that the Board of Directors approved the merger by incorporation of the wholly-owned subsidiary Mondadori International SpA, in accordance with the merger plan presented, as announced on June 27, 2013, to the Italian Stock Exchange. Completion of the merger is expected by the end of fiscal year 2013 after the deadline for the opposition of creditors as foreseen by Article 2503 of the Civil Code. Arnoldo Mondadori Editore SpA also announced that it has issued the Company's gross operating profit guidance for the second half of fiscal year 2013 and for the full year of fiscal year 2013. For the second half of fiscal year 2013, the Company expects to post a gross operating profit in line with, or even greater that, that of the second half of fiscal year 2012. For the full year of fiscal year 2013, the Company expects gross operating profit less than the fiscal year 2012, also on account of positive non-recurring items, present in fiscal year 2012, and higher restructuring charges in the fiscal year 2013. The Company informed that the actions carried out by the Group in support of the magazine brands, the publishing programme for books and a range of activities aimed at cost containment are expected to show more positive effects in the second half of the fiscal year 2013. 

Company Quote

-0.018 -1.89%
11:14am EDT