UBOLDO, Italy, 24 June 2024: Following a press release issued on May 13, 2024,LU-VE S.p.A. announced through a press release that its Board of Directors, which met in notarial form, has approved the merger by incorporation into LU-VE of the wholly owned subsidiaries Sest S.p.A. and Air Hex Alonte on the basis of a relevant joint merger plan.

According to LU-VE, the merger was also approved by the Shareholders’ Meetings of Sest and AHA on May 13.

According to the press release, the Merger aims to simplify the corporate structure and governance structures of the LU-VE Group. The company said that the objective is to optimise internal processes, contain costs and simplify the structure of the shareholding chain, ensuring greater efficiency, and operational effectiveness from economic, managerial and financial points of view. By the concentration of functions in a single company instead of the current three, LU-VE said, significant savings and benefits can be achieved, such as reduction in administrative, managerial and organisational costs, and greater functionality and efficiency from economic, managerial and financial points of view.

LU-VE noted that while the merger is a “transaction between related parties” under Consob Regulations 17221/2010 and the LU-VE Procedure for Transactions with Related Parties, it is exempt from the procedural requirements, since it involves subsidiaries with no significant interests of other related parties.