Greenalia shareholders approve delisting offer

Spanish renewables group Greenalia SA (BME:GRN) on Monday said its shareholders had approved the offer to sell their stock to two major share owners and delist the company.

Smarttia SLU, an entity led by Greenalia CEO Manuel Garcia, and Alazady Spain SL, affiliated with Spanish businessman Jose Maria Castellano, presented their bid in early May, offering to pay EUR 17.50 (USD 18.28) per share. The price of the offer still stands and will be settled in cash, according to Greenalia’s bourse filing.

Following the transaction, Greenalia would seek delisting from the BME Growth segment of the Spanish stock exchange.

Garcia’s Smarttia commands an 81.21% stake in Greenalia, while Alazady Spain holds 5.19%. Free float accounts for 13.30% of Greenalia’s share capital.

The acceptance period for the offer starts today, June 14, and expires on July 12.

(EUR 1.0 = USD 1.045)

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