(Alliance News) - Lottomatica Group Spa announced Tuesday that the company's administrative bodies and those of Lottomatica Spa have approved the latter's direct merger project.

Lottomatica Group, whose shares are listed on Euronext Milan, holds the entire share capital of Lottomatica.

"The merger responds to a multiple order of purposes, such as, among others, the optimization of cash flow management within the group headed by Lottomatica Group, the integration between the control structures of the companies involved in the merger, the simplification of the shareholding structure with a consequent increase in decision-making speed and management streamlining, as well as the reduction of operating costs and accounting and administrative requirements," the note reads.

Lottomatica Group is up 1.4 percent to EUR10.78 per share.

By Chiara Bruschi, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.