CONTINUED LISTING OF CFAO SHARES ON EURONEXT PARIS
At the closing of the tender offer on the CFAO shares on December 17, 2012, Toyota Tsusho Corporation (TTC) held 60,177,409 shares representing 97.81% of the share capital and voting rights of CFAO and thus met the condi...
Sèvres, France and Nagoya, Japan, February 26, 2013
At the closing of the tender offer on the CFAO shares on December 17, 2012, Toyota Tsusho Corporation (TTC) held 60,177,409 shares representing 97.81% of the share capital and voting rights of CFAO and thus met the conditions required for the implementation of a squeeze-out.
TTC announces today that it does not intend to implement a mandatory squeeze-out procedure on the CFAO shares not tendered by minority shareholders following the tender offer closed on December 17, 2012.
The CFAO shares will thus continue to be listed on Euronext Paris.
“Since our public tender offer for CFAO shares closed, we at Toyota Tsusho have studied whether to maintain the CFAO’s French listing carefully for two months. As a result, we have reached a decision to waive our right of mandatory squeeze-out procedure”, declared Jun Karube, President of Toyota Tsusho Corporation. “CFAO is a distinguished French company that has a proud history of 125 years. Through continuing to be listed on public, we look forward to ensuring the company’s management credibility and transparency. And we are sure that our determination will maintain CFAO’s autonomy and entrepreneurship spirit and support sustainable growth for CFAO.”
Alain Viry, Chairman of the Management Board, commented: “I applaud TTC’s decision to maintain the Group’s listing on the Paris stock market, in line with the intentions announced at the time of the tender offer. This decision allows those shareholders who have stood by us to continue to accompany CFAO’s growth. It also provides clarity in terms of corporate governance, thereby guaranteeing for our partners autonomous management at the operational level, as well as the continuation of the multi-brand strategy in our markets.”
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