M&A Activity • Dec 4, 2023
M&A Activity
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Stezzano, 4 dicembre 2023
Con riferimento alla trasformazione transfrontaliera della Società (la "Trasformazione Transfrontaliera" o l'"Operazione") approvata dall'assemblea straordinaria di Brembo del 27 luglio 2023 (l'"Assemblea"), Brembo S.p.A. ("Brembo" o la "Società") rende noto che, in data 29 novembre 2023, è scaduto il termine previsto dall'art. 2445, comma 3, c.c. per l'eventuale opposizione dei creditori alla riduzione volontaria del capitale sociale (la "Riduzione del Capitale") deliberata dall'Assemblea nell'ambito dell'Operazione, senza che sia stata presentata opposizione da parte di alcun avente diritto.
La Società procederà alla Riduzione del Capitale strumentale all'Operazione, essendosi avverata la condizione relativa all'ammontare complessivo dell'esborso, cui era, tra l'altro, subordinato il perfezionamento dell'Operazione.
La Riduzione del Capitale, da Euro 34.727.914,00 a Euro 3.339.222,50, sarà attuata senza annullamento di azioni e senza alcun rimborso di capitale ai soci, mediante appostazione di una riserva di pari importo nel patrimonio netto della Società. Pertanto, essa non determinerà alcuna modifica dei diritti patrimoniali e amministrativi degli azionisti di Brembo.
La Riduzione del Capitale si perfezionerà prima della stipula dell'atto notarile di trasferimento e di modifica statutaria predisposto ai sensi della legge olandese (l'"Atto Notarile Olandese"), con cui la Società darà esecuzione all'Operazione, previa verifica dell'avveramento delle ulteriori condizioni a cui la stessa resta soggetta (cfr. Paragrafo 2.4, sub (i) e (iii) della relazione del Consiglio di Amministrazione pubblicata in data 26 giugno 2023, sul sito della Società https://www.brembo.com/it/investitori/per-gli-azionisti/trasferimento-sede-legale).
L'Atto Notarile Olandese verrà stipulato in data 25 gennaio 2024 ed avrà efficacia differita al giorno successivo alla data dell'assemblea di Brembo – prevista per il 23 aprile 2024 – chiamata ad approvare il bilancio di esercizio della Società chiuso al 31 dicembre 2023. Il differimento dell'efficacia dell'Operazione si rende opportuno al fine di consentire che l'attività di revisione legale del bilancio (separato e consolidato) di Brembo al 31 dicembre 2023 sia svolta da Deloitte&Touche S.p.A. nell'ambito dell'incarico di revisione legale attualmente in corso.
Il Consiglio di Amministrazione della Società, riunitosi in data odierna, ha inoltre conferito i poteri per procedere all'eventuale collocamento a terzi mediante offerta sul mercato, ai sensi dell'art. 2437 quater, comma 4, c.c., delle n. 4.387.303 azioni oggetto di recesso (pari all'1,31387% del capitale sociale) non collocate presso gli azionisti della Società nell'ambito dell'offerta in opzione e prelazione (le "Azioni Residue").
Si precisa che il pagamento del valore di liquidazione in favore dei soggetti che abbiano validamente esercitato il diritto di recesso avrà luogo in data 31 gennaio 2024, successivamente alla stipula dell'Atto Notarile Olandese e nel rispetto del termine di 180 giorni dalla comunicazione del recesso previsto dall'art. 2437-quater, comma 4, c.c.
Ulteriori informazioni in merito alla Riduzione del Capitale, all'eventuale collocamento delle Azioni Residue, alla stipula dell'Atto Notarile Olandese nonché al regolamento delle azioni oggetto di recesso, saranno resi noti dalla Società nei termini e con le modalità previste dalla normativa applicabile.
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Il presente comunicato stampa è disponibile sul sito internet della Società all'indirizzo www.brembo.com, nonché sul meccanismo di stoccaggio autorizzato "-storage", .
THIS TRANSACTION IS PROPOSED WITH RESPECT TO THE SECURITIES OF A FOREIGN COMPANY. THE TRANSACTION IS SUBJECT TO DISCLOSURE REQUIREMENTS OF A FOREIGN COUNTRY THAT ARE DIFFERENT FROM THOSE OF THE UNITED STATES. FINANCIAL STATEMENTS INCLUDED IN THE DOCUMENTS RELATING TO THE TRANSACTION, IF ANY, HAVE BEEN PREPARED IN ACCORDANCE WITH FOREIGN ACCOUNTING STANDARDS THAT MAY NOT BE COMPARABLE TO THE FINANCIAL STATEMENTS OF UNITED STATES COMPANIES. IT MAY BE DIFFICULT FOR YOU TO ENFORCE YOUR RIGHTS AND ANY CLAIM YOU MAY HAVE ARISING UNDER THE FEDERAL SECURITIES LAWS, SINCE THE ISSUER IS LOCATED IN A FOREIGN COUNTRY, AND SOME OR ALL OF ITS OFFICERS AND DIRECTORS MAY BE RESIDENTS OF A FOREIGN COUNTRY. YOU MAY NOT BE ABLE TO SUE A FOREIGN COMPANY OR ITS OFFICERS OR DIRECTORS IN A FOREIGN COURT FOR VIOLATIONS OF THE U.S. SECURITIES LAWS. IT MAY BE DIFFICULT TO COMPEL A FOREIGN COMPANY AND ITS AFFILIATES TO SUBJECT THEMSELVES TO A U.S. COURT'S JUDGMENT. YOU SHOULD BE AWARE THAT THE ISSUER MAY PURCHASE SECURITIES OTHERWISE THAN IN THE CONTEXT OF THE TRANSACTION, SUCH AS IN OPEN MARKET OR PRIVATELY NEGOTIATED PURCHASES.
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Per informazioni: Laura Panseri – Head of Investor Relations Brembo SpA Tel. +39 035 6052145 @: laura\[email protected]
Roberto Cattaneo – Chief Communication Officer Brembo SpA Tel. +39 035 6052347 @: roberto\[email protected]
Daniele Zibetti – Corporate Media Relations Brembo SpA Tel. +39 035 6053138 @: daniele\[email protected]
Stezzano, 4 December 2023
With regard to the Company's cross-border conversion (the "Cross-Border Conversion" or the "Transaction") approved by the Extraordinary Shareholders' Meeting of Brembo held on 27 July 2023 (the "Shareholders' Meeting"), Brembo S.p.A. ("Brembo" or the "Company") announces that the term provided for by Article 2445, paragraph 3, of the Italian Civil Code for any creditors to oppose to the voluntary share capital decrease (the "Share Capital Decrease"), approved by the Shareholders' Meeting as part of the Transaction, expired on 29 November 2023, with no oppositions filed by any entitled party.
As the disbursement amount condition, upon which the completion of the Transaction was conditional, has been met, the Company will proceed with the Share Capital Decrease instrumental to the Transaction.
The Share Capital Decrease from €34,727,914.00 to €3,339,222.50 will be executed without cancellation of shares and without any reimbursement of capital to shareholders, through recognition to the Company's equity of a reserve of an equal amount. Therefore, this decrease will have no impact on Brembo shareholders' capital and administrative rights.
The Share Capital Decrease will be completed before the execution of the notarial deed of conversion and amendment of the articles drafted pursuant to Dutch law (the '"Dutch Notarial Deed"), by virtue of which the Company will execute the Transaction after having verified the fulfilment of the additional conditions to which the latter is subject (see Paragraph 2.4(i) and (iii), of the Board of Directors' Report published on 26 June 2023 on the Company's website https://www.brembo.com/en/investors/forshareholders/registered-office-relocation).
The Dutch Notarial Deed will be executed on 25 January 2024 and will be effective as of the day following the date of the Shareholders' Meeting of Brembo called on 23 April 2024 to approve the Company's Financial Statements for the year ending 31 December 2023. The Transaction's effectiveness was deferred so as to allow Deloitte&Touche S.p.A. to audit Brembo's separate and consolidated Financial Statements as at 31 December 2023, as part of its annual audit appointment currently in force.
The Company's Board of Directors that met today also granted all powers to proceed with any placement to third parties, pursuant to Article 2437-quater, paragraph 4, of the Italian Civil Code, of the 4,387,303 withdrawal shares (equal to 1.31387% of share capital) that were not purchased by the Company's shareholders during the option and pre-emption offer (the "Residual Shares").
It should be noted that the payment of the liquidation value to those who validly exercised the withdrawal right will be effected on 31 January 2024, following the execution of the Dutch Notarial Deed and within the term of 180 days of the withdrawal communication provided for by Article 2437-quater, paragraph 4, of the Italian Civil Code.
Further information on the Share Capital Decrease, on any placement of Residual Shares, on the execution of the Dutch Notarial Deed and on the settlement of the withdrawal shares will be provided by the Company within the terms and in the manner set forth by applicable laws and regulations.
This press release is available on the Company's website at www.brembo.com, as well as on the authorised storage system -storage at .
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THIS TRANSACTION IS PROPOSED WITH RESPECT TO THE SECURITIES OF A FOREIGN COMPANY. THE TRANSACTION IS SUBJECT TO DISCLOSURE REQUIREMENTS OF A FOREIGN COUNTRY THAT ARE DIFFERENT FROM THOSE OF THE UNITED STATES. FINANCIAL STATEMENTS INCLUDED IN THE DOCUMENTS RELATING TO THE TRANSACTION, IF ANY, HAVE BEEN PREPARED IN ACCORDANCE WITH FOREIGN ACCOUNTING STANDARDS THAT MAY NOT BE COMPARABLE TO THE FINANCIAL STATEMENTS OF UNITED STATES COMPANIES. IT MAY BE DIFFICULT FOR YOU TO ENFORCE YOUR RIGHTS AND ANY CLAIM YOU MAY HAVE ARISING UNDER THE FEDERAL SECURITIES LAWS, SINCE THE ISSUER IS LOCATED IN A FOREIGN COUNTRY, AND SOME OR ALL OF ITS OFFICERS AND DIRECTORS MAY BE RESIDENTS OF A FOREIGN COUNTRY. YOU MAY NOT BE ABLE TO SUE A FOREIGN COMPANY OR ITS OFFICERS OR DIRECTORS IN A FOREIGN COURT FOR VIOLATIONS OF THE U.S. SECURITIES LAWS. IT MAY BE DIFFICULT TO COMPEL A FOREIGN COMPANY AND ITS AFFILIATES TO SUBJECT THEMSELVES TO A U.S. COURT'S JUDGMENT. YOU SHOULD BE AWARE THAT THE ISSUER MAY PURCHASE SECURITIES OTHERWISE THAN IN THE CONTEXT OF THE TRANSACTION, SUCH AS IN OPEN MARKET OR PRIVATELY NEGOTIATED PURCHASES.
*** * ***
For information: Laura Panseri – Head of Investor Relations Brembo SpA Tel. +39 035 6052145 @: laura\[email protected]
Roberto Cattaneo – Chief Communication Officer Brembo SpA Tel. +39 035 6052347 @: roberto\[email protected]
Daniele Zibetti – Corporate Media Relations Brembo SpA Tel. +39 035 6053138 @: daniele\[email protected]
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