![ΕΤΕΜ merger with Cosmos Aluminium announced](https://www.ot.gr/wp-content/uploads/2022/12/ELVALHALCOr-768x513-1.jpg)
ΕΤΕΜ Commercial and Industrial Light Metals S.A., whose majority stakeholder is Elvalhalcor, will merge with Cosmos Aluminium through the absorption of the former by the latter, Elvalhalcor announced on Tuesday in a briefing to investors and markets.
The issued statement, posted on the Athens Stock Exchange’s (ATHEX) website, reads:
“ELVALHALCOR HELLENIC COPPER AND ALUMINIUM INDUSTRY S.A.” (hereinafter “ELVALHALCOR”) announces, according to article 17 par. 1 of the Regulation (ΕU) No 596/2014 of the European Parliament and of the Council of 16 April 2014, that on November 6th, 2022, the non-listed company under the trade name «ΕΤΕΜ Commercial and Industrial Light Metals Societe Anonyme» (hereinafter «ΕΤΕΜ»), which is held by 80 percent by ELVALHALCOR, and the company under the trade name «COSMOS ALUMINIUM S.A.» (hereinafter «COSMOS ALUMINIUM»), have signed the “1st Addendum to the Basic Terms of Cooperation dated May 6th, 2022” (hereinafter the «Addendum») to the strategic cooperation agreement dated May 6th, 2022, having as subject matter the basic terms, under which the contracting parties, ETEM and COSMOS ALUMINIUM, intend to proceed to the merger by absorption of ETEM by COSMOS ALUMINIUM (hereinafter “Strategic Cooperation Agreement”). It is reminded that according to the Strategic Cooperation Agreement, as a result of the corporate transformation, there will be a minority stake in the share capital of COSMOS ALUMINIUM, of the shareholders of ETEM existing at the time of conclusion of the merger.
According to the Addendum the contracting parties continue the negotiations for the finalization of the terms of the above intended transaction and the conclusion of the final agreements, while the basic terms of cooperation of the Strategic Cooperation Agreement will last until:
i) the signing of the final documents by the contracting parties, or
ii) December 31st, 2022, or
iii) receipt of written notification by one of the contracting parties, ΕΤΕΜ or COSMOS ALUMINIUM, for the non-continuation of actions for the intended transaction from the other contracting party, COSMOS ALUMINIUM or ΕΤΕΜ, whichever of the above comes first.
ELVALHALCOR will inform the investor community on any significant development.”
![ot.gr](/wp-content/themes/whsk_otgr/common/imgs/fav.ico/favicon-32x32.png)
![ot.gr](/wp-content/themes/whsk_otgr/common/imgs/fav.ico/favicon-32x32.png)
Latest News
![Cruise Industry Opposes New EU Plan for Piraeus Port](https://www.ot.gr/wp-content/uploads/2024/07/396121953_881827319967534_9198009856198617419_n-1024x793-1024x793-1-1-600x465.jpg)
Cruise Industry Opposes New EU Plan for Piraeus Port
According to the Plan, cruise ship passengers will be transported by shuttle boats from Piraeus port to the Peace and Friendship Stadium (SEF), so that they can then travel to Athens
![Greek State to Reopen 3.875% Bond on Wed.](https://www.ot.gr/wp-content/uploads/2024/07/bonds-2048x1365-1-600x400.jpg)
Greek State to Reopen 3.875% Bond on Wed.
Bond of 3.875% is set to mature on March 12, 2029
![Critical Week for Greece-Cyprus Cable](https://www.ot.gr/wp-content/uploads/2024/07/kalodio_elladas_cyprus_israil.jpeg)
Critical Week for Greece-Cyprus Cable
The study concluded that the social benefits of the interconnection, totaling 8 billion euros, far outweigh its 1.9 billion euros construction cost, resulting in a net social benefit exceeding 6 billion euros.
![Roberta Metsola Re-elected President of European Parliament](https://www.ot.gr/wp-content/uploads/2024/07/2024-07-16T110250Z_1107936467_RC2BW8AZP0U4_RTRMADP_5_EU-PARLIAMENT-2048x1366-1-600x400.jpg)
Roberta Metsola Re-elected President of European Parliament
Her second term will be for a period of two and a half years
![ELSTAT: 1.5% Increase in Business Turnover in May 2024](https://www.ot.gr/wp-content/uploads/2024/07/epixeiriseis_2-600x414.jpg)
ELSTAT: 1.5% Increase in Business Turnover in May 2024
The most significant increase in turnover in May 2024 compared with May 2023 was recorded from the enterprises of the Accommodation and Food Service Activities, sector which grew by 14.8%.
![Cosco: Container Traffic Decline at Piraeus Port Continues](https://www.ot.gr/wp-content/uploads/2024/07/olp1-scaled-1-2048x1312-1-600x384.jpg)
Cosco: Container Traffic Decline at Piraeus Port Continues
This strategic shift has diminished Piraeus's standing as a prominent Mediterranean port and a key transshipment hub post-Suez Canal.
![Gov’t Eyes Return of Power Subsidies Amid Spike in Rates](https://www.ot.gr/wp-content/uploads/2024/07/power-lines-2048x1365-1-600x400.jpg)
Gov’t Eyes Return of Power Subsidies Amid Spike in Rates
According to reports, the government will resume an electricity subsidization program, given that forecasts cite disruptions – i.e. higher rates
![ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock](https://www.ot.gr/wp-content/uploads/2024/07/ot_georg_PROIONTA_money-1-600x352.png)
ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock
The 6.3% rise in May 2024 is largely driven by an 8.8% increase in the crop output group, particularly due to changes in olive oil prices, and a 0.5% increase in the animal output group.
![Balkans Blackout Highlights Climate Threats to Power Grids](https://www.ot.gr/wp-content/uploads/2024/07/blackout-1-600x457.png)
Balkans Blackout Highlights Climate Threats to Power Grids
The surge in electricity demand during the heat wave and the power deficit in Balkan markets have driven up prices in the Greek wholesale electricity market.
![Greece in Top 4 Destinations Favored by European Tourists](https://www.ot.gr/wp-content/uploads/2021/06/ploio-600x400.jpg)
Greece in Top 4 Destinations Favored by European Tourists
Greece was selected by 5.9% of respondents who were asked where they would vacation this year, up from 5.4% in the same survey last year