The Athens Stock Exchange on Wednesday lifted a temporary suspension of trade for TT Hellenic Postbank stock and T-Bank, which recently announced plans for a merger. Trade in TT Hellenic Postbank stock and derivatives was to resume at 3:25 p.m. on Wednesday. Trade in T-Bank stock will resume on Thursday.
The merger will be carried out through the absorption of T-Bank by TT Hellenic Postbank and the merger of all assets and liabilities of the two companies.
For the purposes of the upcoming merger, before the merger is approved there will be an increase in the nominal value of TT stock from 3.70 euro to 3.88 euro per share, with the capitalisation of existing reserves.
It is proposed that every 50 existing T-Bank shares will be exchanged for one new TT share, while TT announced that there will be no change in the number of TT shares held by each of its existing shareholders.
The proposed merger must still be approved by the boards and shareholders' meetings of the two companies, after an evaluation by independent auditors and the approval of appropriate authorities.
-- Greece must make radical changes to all its existing energy systems by 2050 in order to meet targets for fighting climate change, according to a study released on Wednesday by the Foundation for Economic and Industrial Research (IOBE).