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Morzotto executes demerger with Valentino Fashion Group

28 Jun '05

4 min read

Italy based leading textile and apparel information provider Morzotto announced the execution of demerger with Valentino Fashion Group.

The deed of partial proportional demerger of Marzotto S.p.A., providing for the transfer in favour of Valentino Fashion Group S.p.A. of all the assets and liabilities of the business unit operating directly and through directly and indirectly controlled companies in the apparel sector, was executed today.

The deed of partial proportional demerger of Manifattura Lane Gaetano Marzotto & Figli S.p.A. (“Marzotto” or the “Demerged Company”) providing for the transfer in favour of Valentino Fashion Group S.p.A., the already existing beneficiary company (“Valentino Fashion Group” or the “Beneficiary Company”) of all the assets and liabilities of the business unit operating directly and through directly and indirectly controlled companies in the apparel sector (the “Fashion Business Area”), was executed today.

The demerger will be effective, also in its accounting and tax purposes, after the demerger deed has been filed with the Italian Companies Register in Milan pursuant to art. 2506-second of the Italian Civil Code, as from 1 July 2005.

Subject to the filing of the demerger deed with the Italian Companies Register, which is expected by 30 June 2005, Borsa Italiana S.p.A. will give its approval for the trading of Valentino Fashion Group ordinary, non-convertible and convertible savings shares starting from 1July 2005.

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