Jumbo SA agreed to acquire Tanocerian Commercial & Investment S.A. for approximately 420 million.
The transaction is subject to approval by shareholders of Jumbo and Tanocerian Commercial. The transaction materialization also requires approval from the General Commercial Registry of the competent supervisory authority. As of May 18, 2016, the deal was approved by the shareholders of both the parties. On June 2, 2016, approval from Ministry of Economy Development and Tourism was obtained. Listing approval for the new shares is expected by June 30, 2016. As on June 30, 2016, the Managing Committee of the Athens Exchange approved the listing and commencement of trading of 36.35 million shares held by Tanocerian which is the consideration shares held for transaction. The shares will commence trading from July 4, 2016 with change in par value form 1.19 to 0.88 per share. The transaction is expected to complete by July 1, 2016. PKF Euroauditing S.A. acted as accountant to both Jumbo and Tanocerian.