Kinepolis families head for divorce

8th September 2006, Comments 0 comments

8 September 2006, BRUSSELS — The Claeys family will sell off almost all of its shares in the cinema chain Kinepolis and transfer daily management to the Bert family.

8 September 2006

BRUSSELS — The Claeys family will sell off almost all of its shares in the cinema chain Kinepolis and transfer daily management to the Bert family.

The Bert and Claeys families were founders of the Belgian cinema chain.

The Bert family will exercises its preference rights and increase its stake in the company.

Director Joost Bert will become the only CEO. Up until now, he had shared that role with Florent Gijbels, the son-in-law of co-founder Rose Claeys.

The Claeys family stake in Kinepolis will fall from 25 percent to 1.92 percent. Its shares are to be offered for sale at an average price of EUR 35.50.
 
The Bert family already has a 38.9 percent stake in the company and will increase its share to at least 40 percent.

The family divorce is blamed on a dispute in involvement between the two families, which merged their separate companies in 1997 to form Kinepolis.

[Copyright Expatica News 2006]

Subject: Belgian news

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