The ailing French appliance manufacturer Moulinex and Brandt, an affiliate of the Italian group El.Fi, will announce their merger on October 15, El.Fi president Luigi Nocivelli said in an interview Wednesday with the French financial daily Les Echos.
El.Fi is Moulinex's largest shareholder with a stake of more than 26 percent. The two companies opened merger talks earlier this year but the French company said on June 26 that it was unable to reach an agreement.
A Moulinex statement issued in early July said that if merger talks failed to reach agreement before October 15, the two companies would abandon the plan, allowing Moulinex complete autonomy to choose another partner. — (AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)
