(Alliance News) - Compagnia Immobiliare Azionaria Spa announced Friday that it has approved the plan for the merger by incorporation of CIA into Compagnie Fonciére Du Vin Spa.

The company explained that the transaction pursues the aim of achieving the delisting on Euronext Milan, a market organized and managed by Borsa Italiana Spa of CIA's shares, "in order to pursue cost savings, greater managerial flexibility, organizational simplification and a consequent speed in making strategic decisions, also with regard to the size of the company's stock market value, which is not adequate to the needs related to the listing on Euronext Milan," as the company explained in a note.

On Friday, CIA closed flat at EUR0.06 per share.

By Claudia Cavaliere, Alliance News reporter

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