Dec 7 (Reuters) - NV Bekaert SA BEKB.BR :
* Bekaert and Ontario teachers' pension plan announce merger
of global ropes and advanced cords businesses of Bekaert and
Bridon
* Bekaert and Ontario Teachers' pension plan, current owner
of Bridon, have reached an agreement to establish Bridon Bekaert
Ropes Group
* Bruno Humblet, currently chief financial officer of
Bekaert, has been appointed CEO of Bridon Bekaert Ropes Group
* Andrew Caffyn, currently non-executive chairman of Bridon,
has been appointed chairman of board
* Bekaert will hold a 67 pct equity share and Ontario
Teachers' will hold 33 pct
* Definitive merger agreement is expected to complete in
first half of 2016
* Combined business will account for approximately 600
million euros ($649.8 million) in sales on an annual basis
* Upon completion of deal, transaction is estimated to add
approximately 350 million euros to Bekaert's consolidated sales
on an annual basis
* Has also purchased remaining 35 pct shareholding held by
Matco Cables Spa in Bekaert's ropes entities
Source text for Eikon: ID:nHUG774Xnl
Further company coverage: BEKB.BR
($1 = 0.9234 euros)
(Gdynia Newsroom)