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Hipercor, S.A. (IRSH)

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Thursday 10 August, 2017

Hipercor, S.A.

Significant Event - Merger (Replacement)

RNS Number : 7142N
Hipercor, S.A.
10 August 2017
 



A number of non material typographical changes have been made to the ' Significant Event - Merger ' announcement released today 10th August at 17:17 under RNS No 7138N.

The word Inglés has been replaced with Inglés.

The full amended text is shown below.

 

Grupo

El Corte Inglés

 

 

Significant event

Madrid, 25 July 2017: El Corte Ingles Board of Directors has today agreed to propose approval of the takeover merger between El Corte Inglés S.A. (as absorbing company) and Hipercor (as absorbed company) to the General Meeting of Shareholders to be held on 27 August, in accordance with the joint venture filed with the Companies Register.

The purpose of merging the two companies is to improve and supplement the customer proposal, whilst at the same time taking advantage of synergies that exist between the two different formats (El Corte Inglés and Hipercor), both with regard to procurement and sales. This will entail re-organising the respective sales areas, rendering them more attractive and convenient for customers; improving the way goods are laid out on the shopfloor and enhancing the commercial proposal of the two companies, with the resulting improved consumer experience.

The merger procedure means keeping both brands and corporate identities, and will not affect the permanent staff employed either by Hipercor or by El Corte Inglés.

The annual accounts will be submitted to the General Meeting of Shareholders for review and approval, as the case may be, together with the management report and profit or loss allocation proposal and the Board of Directors management review. The Shareholders Meeting agenda shall also include ratification of treasury share transfers, authorisation to acquire proprietary shares, approval of Board members' remuneration, appointment and dismissal of board members and delegations of powers.

Meanwhile, Leopoldo del Nogal Ropero, an El Corte Inglés Board Member since 2010 and Procurement Director, has today informed the Board of his decision to resign from both positions.

He is stepping down for personal reasons, having pursued a long professional career within the Group and held different posts in Spain, the United States and in Portugal.

El Corte Inglés would like to thank Leopoldo del Nogal for his hard work and dedication all these years.

 

This announcement has been issued through the Companies Announcement Service of

the Irish Stock Exchange.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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