31st Oct 2008 09:30
GRUPO CLARIN S.A. announces
merger of Cablevisión S.A. subsidiaries into Cablevisión S.A.
On 30 October 2008, Grupo Clarín S.A. (the "Company") informed the Buenos Aires Stock Exchange and the Argentine Securities Commission that its subsidiaries Cablevisión S.A. ("Cablevisión") and Multicanal S.A. ("Multicanal") had approved, on 29 October 2008, the initiation of dealings and technical procedures towards the merger into Cablevisión of Multicanal, Pampa TV S.A., Delta Cable S.A., Holding Teledigital Cable S.A., Teledigital Cable S.A., Televisora La Plata Sociedad Anónima, Construred S.A. and Cablepost S.A., all of them subsidiaries of Cablevisión.
As a result of the merger, Cablevisión would become the surviving company and the successor in all of the activities and operations of the absorbed companies, which would be dissolved without liquidation.
The merger would allow Cablevisión to simplify its corporate structure and optimise the operations of the involved companies, all of which currently provide cable television or related services. As a basis for the formal merger procedures, the companies will use their respective financial statements as of 30 September 2008 and the merger will be deemed effective as of and including 1 October 2008.
Once the dealings and relevant documentation are concluded, the companies will execute a merger commitment that will be subject to the approval of the boards of directors and shareholders of each company. Multicanal will also call a meeting of the holders of its outstanding notes in order to harmonise their terms and conditions with those of the outstanding notes of Cablevisión.
Enquiries:
In Buenos Aires:
Alfredo Marín/M. Julia Díaz Ardaya
Grupo Clarín
Email: [email protected]
In London:
Alex Money/Tom Allison
Temple Bar Advisory
Tel: +44 20 7002 1080
Email: [email protected]
In New York:
Melanie Carpenter/Peter Majeski
I-advize Corporate Communications
Tel: +1 212 406 3692
Email: [email protected]
Related Shares:
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