FAIVELEY: An Extraordinary General Meeting has been arranged for December 23 to approve a restructuring of the shareholdings in Faiveley Group, the manufacturer of brakes, air-conditioning, screen doors and other subsystems. It follows the signing of an agreement with fund manager Sagard and other direct and indirect shareholders on October 16.
Faiveley SA will increase its share capital and voting rights in Faiveley Transport from 61·7% to 100%, in exchange for €286·5m in cash and 2·1 million new shares in Faiveley SA. This will result in a simplified holding structure, with Faiveley Transport being merged into Faiveley SA, which will be renamed Faiveley Transport by March 31 2009. Family control will be maintained, the management team will make a significant investment representing nearly 5% of the capital, and better use will be made of debt.
