Mitsubishi Electric Corporation announced the completion of its acquisition of approximately 74.97 percent of the share capital of DeLclima S.p.A. (BIT: DLC) (“DeLclima”) on December 23, 2015, pursuant to the terms and conditions of the agreement into which De’Longhi Industrial S.A. (“De’Longhi Industrial”) and Mitsubishi Electric entered on August 25, 2015. The total purchase price in relation to this agreement has become approximately €508 million (per-share price of €4.5271* ).
Following the closing of this transaction, in compliance with Italian financial law and CONSOB regulations, a mandatory tender offer will be launched in Italy by Mitsubishi Electric in order to acquire the remaining shares representing approximately 25.03 percent of the share capital of DeLclima, resulting in a delisting and 100-percent ownership of the share capital of DeLclima. The per-share consideration will be €4.5271 and the total consideration in relation to the mandatory tender offer is expected to be approximately €170 million.
Mitsubishi Electric intends to achieve 100-percent ownership of the share capital of DeLclima after the mandatory tender offer and the various processes in relation thereto. The disclosure regarding the details of the mandatory tender offer has been made in Italy in compliance with Italian financial law and CONSOB regulations.