Itema-Barco confirm their intention to finalize the BarcoVision agreement
15 Apr '08
2 min read
In July 2007 Barco signed an agreement for the acquisition of its division BarcoVision by Itema group from Bergamo, Italy, pending the approval of antitrust authorities. The antitrust commissions of China, Turkey and Brazil have already approved the transaction.
Today the antitrust commission of the European Union communicated that it will initiate a phase 2 investigation during which it wants Itema to further clarify certain aspects of the transaction.
The commission's decision also postpones the closing of the divestment of BarcoVision.
This, however, does not change the intention of both Barco and Itema to go ahead with the agreement and finalize the acquisition in the nearest possible future. In this respect Barco and Itema have extended the deadline for the closing of the transaction till 30 September 2008.
As Barco has communicated before, after the closing of the transaction with Itema the board of directors will call an extraordinary general shareholders meeting to propose a capital reduction to the amount of euro 70 million.
Barco, a global technology company, designs and develops visualization products for a variety of selected professional markets. Barco has its own facilities for Sales & Marketing, Customer Support, R&D and Manufacturing in Europe, North America and Asia Pacific.
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