The transaction is the first step in Gowan Company’s plan to purchase all of the shares of Isagro S.p.A. since Piemme S.r.l. is the indirect controlling shareholder of Isagro S.p.A.
Gowan Company has recently announced the close of the agreement to purchase all the capital of Piemme S.r.l. from Giorgio Basile and other shareholders, representing 99.9 per cent of the corporate capital in Piemme. Piemme S.r.l. is the indirect controlling shareholder of Isagro S.p.A. The transaction completed recently is the first step in Gowan Company’s plan to purchase all of the shares of Isagro S.p.A.
Isagro is the owner of important active ingredients, including copper hydroxide/oxychloride, tetraconazole and kiralaxyl globally, and is well known for its research and development efforts in crop protection and biopesticide industries. Isagro has been a partner of Gowan Company since 2013, and Gowan now looks forward to expanding commercial opportunities, especially integrating the manufacturing and science depth at Isagro Group’s facilities. These additional competencies are instrumental in positioning Gowan as global agricultural practices evolve.
Gowan plans to move forward consistent with Italian law to launch – through its entirely owned subsidiary, Crop Demetra Limited – a mandatory tender offer (MTO) to purchase all outstanding shares of Isagro. As Gowan and Isagro progress through the integration planning process, we plan to continue serving our customers and partners with the same level of focus and quality.
At the close of this transaction, Giorgio Basile, CEO, and founder of Isagro, has resigned from Isagro’s Board and from the management of the company, along with three other directors nominated by his holding company.
