Details of the merger of Vistula and Wolczanka on Wednesday

APA - Austria Presse Agentur
26-05-2006, 13:46

Warsaw (Puls Biznesu) – The synergy effects of the merger of Vistula and Wolczanka clothes producers will be better than expected.

Warsaw (Puls Biznesu) – The synergy effects of the merger of Vistula and Wolczanka clothes producers will be better than expected.

 

On May 31, the management of Vistula, the Polish suit producer from Krakow, southern Poland, will submit the plan of the merger with Wolczanka, the shirt producer from Lodz, central Poland.

“Everything goes as planned”, Rafal Bauer, Vistula and Wolczanka CEO said.

The management wants the shareholders of both companies to meet on July 25 and vote for the merger. Vistula is to issue shares which will be bought with the stock of Wolczanka. Rafal Bauer refused to say how big the parity will be. The management of Vistula & Wolczanka (this is the name of the new firm) is eager to boast of the expected synergy effects.

“The merger was a good idea. After several weeks it turned out that the synergy effects will be better than expected. At the beginning of June I will present details”, Rafal Bauer promised.

 

Vistula has said before it planned consolidation in Poland and Europe. The capitalization of the merged companies exceeds PLN 300m (EUR 76.5m). In the first quarter, they had PLN 60m of sales and PLN 2.8m of net income. Since April 30, Wolczanka has dropped 5.3 percent while Vistula 19.2 percent.

(PLN 1 = EUR 0.255)

 

 

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Podpis: APA - Austria Presse Agentur

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