LONDON (dpa-AFX) - The Boards of Shaftesbury PLC (SHB.L) and Capital & Counties Properties PLC (CAPC.L) confirmed they are in advanced talks regarding a possible all-share merger. Under the proposed terms, Shaftesbury shareholders, excluding the Shaftesbury shareholding owned by Capco, will own 53% of the combined company, and Capco shareholders will own 47% of the combined company.
The combined company will be led by Jonathan Nicholls as Chairman and Ian Hawksworth as CEO. Situl Jobanputra will be the CFO and Chris Ward will be the COO. Brian Bickell will retire on completion of the merger.
Norges Bank, a major shareholder in both Shaftesbury and Capco, has signalled its support to explore a merger. The companies noted that the discussions are ongoing and the full terms have not been finalised.
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