IFI - Group ReorganizationMarch 03, 2003
The Board of Directors of IFI, which met today, appointed Umberto Agnelli as Chairman of the Company, Gabriele Galateri as Chief Executive Officer and co-opted John Philip Elkann and Annibale di Collobiano as Directors.
The Board of Directors, under the chairmanship of Umberto Agnelli, approved the Reorganization Plan of the Group which calls for:
The Reorganization Plan and the contribution of the investments held in FIAT, JUVENTIS FOOTBALL CLUB, SANPAOLO IMI and SOIEM are directed to achieving the following objectives:
Following the implementation of the Reorganization Plan, in addition to the investment in EXOR Group, IFI will maintain control of IFIL (59.6% of ordinary capital stock post-reorganization, in the event all savings shareholders are tendered for conversion).
The Board of Directors was assisted by Schroder Salomon Smith Barney, in the capacity of Financial Advisor.
The Reorganization Plan will be executed after approval by the Extraordinary Shareholders' Meeting of IFIL which may be held in April.