Vistula and Bytom file merger motion

WSE-listed fashion retailers Vistula and Bytom submitted an application to the Polish antimonopoly watchdog UOKiK seeking merger approval. “Vistula Group SA and Bytom SA intend to conclude a merger in the form of a merger pursuant, by transferring all the assets of Bytom SA (acquired company) to Vistula Group SA (the acquirer) exchange for shares of the acquiring company,” UOKiK said in a filing. The negotiation process between two companies started back in April. Vistula set the share parity in the pending merger at 0.82, meaning that for every Bytom share, its shareholders would receive 0.82 Vistula share. In 2016, Vistula had PLN 35.2 million net profit, while its peer Bytom had PLN 12.4 million in net profits. Vistula is worth some PLN 570 million, according to its share price, while Bytom capitalization is at some PLN 194 million.