Merger through Acquisition 2009

ARÇELİK and GRUNDİG have agreed that, based on their Board of Directors’ decision dated 20.04.2009, within the framework of the Article 451 and other related articles of the Turkish Commercial Code and Articles 18-20 of the Corporate Tax Law, they should suggest the merger of Grundig with Arcelik as a whole on their Shareholders’ Meeting. The merger of the parties will take place in the form where GRUNDİG will be transferred to ARÇELİK, the dissolution without liquidation of the GRUNDİG will be realized on 01.01.2009 by the transfer of all of its assets and liabilities on its balance sheet as of 31.12.2008. The dissolved company’s assets will be managed by the transferee until its debts will be payed or secured. The provisions of the Article 451 of the Turkish Commercial Law are reserved. 

 

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