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Nemak and Controladora Nemak hold General Extraordinary Shareholders’ Meetings
Shareholders approve merger of Controladora Nemak into Nemak
Monterrey, N.L., Mexico. July 29, 2021. — Nemak, S.A.B. de C.V. (“Nemak” or “the Company”) (BMV: NEMAK) and Controladora Nemak, S.A.B. de C.V. (“Controladora Nemak”) (BMV: NMK) held General Extraordinary Shareholders’ Meetings earlier today. During the meetings, Armando Garza and Álvaro Fernández, Co-Chairmen of the Board of Directors, presented a proposal to merge Controladora Nemak into Nemak, leaving Nemak as the surviving company, which was approved by the shareholders of each company.
Controladora Nemak is the owner of Alfa, S.A.B. de C.V.’s former shareholding in Nemak, with its shares trading on the Mexican Stock Exchange since December 2020. The main asset of Controladora Nemak consists of shares representing Nemak’s capital stock.
Having successfully secured shareholder approval of the above-mentioned transaction, Nemak intends to proceed with the registration and publication of the agreements from today’s meetings, as required under applicable law in Mexico. The merger will become effective following the completion of these processes. Controladora Nemak shareholders will become direct shareholders of Nemak as a consequence of the merger; for such purposes, an exchange factor of 0.472157717310754 shares of Nemak for each share of Controladora Nemak was approved. The exchange factor was determined relying on the opinion of independent experts. The mechanism details for the subsequent exchange of Nemak shares with Controladora Nemak shareholders will be announced at a later date.
Shareholders also approved other proposals at today’s meetings, including:
- The amendment to section g) of Article 2 of our bylaws; and
- The appointment of Mónica Aspe as an independent board member. For information on Ms. Aspe’s background and experience, click here.
Further information related to the meetings can be found on the Company’s website.
Nemak is a leading provider of innovative lightweighting solutions for the global automotive industry, specializing in the development and manufacturing of aluminum components for powertrain, e-mobility, and structural applications. In 2020, it generated revenue of US$3.2 billion. For more information about Nemak, visit www.nemak.com