Consors Discount-Broker AG
ConSors Discount-Broker english
Consors: joint venture with ONBanca in Italy unchanged
Corporate-news announcement sent by DGAP.
The sender is solely responsible for the contents of this announcement.
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Consors: joint venture with ONBanca in Italy unchanged
Consors will request ONBanca to continue the joint venture between Consors and
ONBanca according to its contract with Consors. This implies that ONBanca must
relinquish the entire brokerage business in the next months and online brokerage
will be provided to ONBanca customers only by Consors Online Broker SIM S.p.A.
Consors has received written notice from ONBanca and Banca Popolare Commercio e
Industria (BPCI) in which recourse is made to the change-of-control clause in
the joint venture contract with Consors and an option invoked to sell their 39
percent stake in Consors Online Broker SIM S.p.A. Written notice has also been
received from BPCI and Banca Popolare di Luino e di Varese (BPLV) in which,
under recourse to the same contract, the call option exercise is claimed for the
stake of 16.8 percent in ONBanca held by Consors.
In the opinion of Consors, the conditions for application of the change-of-
control clause to which ONBanca refers are not given at this time because the
shareholders’ structure of Consors Discount-Broker AG has not changed. The legal
grounds to terminate the joint venture and exercise the options are therefore
void.
end of message, (c)DGAP 21.12.2001
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