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Credit insurer Atradius has reported a net profit of € 60 million for the first
six months of 2006, an 8% increase compared to the same period in 2005.
Following the recent increase of Seguros Catalana Occidente’s and Crédito y
Caución’s shareholding in Atradius to 49.99 % the shareholders have now
initiated active discussions to finalize the structure and terms of a merger
between Atradius and Crédito y Caución.
It is expected that such a merger will bring significant benefits to both
companies and allow for the preparation of the targeted IPO of the combined firm
while emphasizing the complementary strengths of Atradius and Crédito y Caución.
Isidoro Unda, currently member of the Supervisory Board of Atradius and CEO of
Crédito y Caución, has been nominated as CEO of Atradius. This nomination will
be effective upon completion of the merger.
Wilfried Verstraete will step down as CEO of Atradius with effect on October 1st
but continue to advise the company in the coming months.
Peter Ingenlath, Vice Chairman of Atradius’ Management Board, will serve as ad
interim-CEO while Paul-Henri Denieuil will continue to play an active governance
role as Chairman of the Supervisory Board.
Paul-Henri Denieuil, Chairman of the Supervisory Board of Atradius commented:
“Wilfried Verstraete has achieved all the objectives that were defined when he
joined Atradius in May 2004.
"Under his leadership, a new strategy was developed and implemented as a result
of which Atradius is ready for the next step in its corporate development. We
are very grateful for everything Wilfried has brought to Atradius.”
Source:
Credit
Control Journal
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