In a statement issued today, ProSiebenSat.1 said it will continue to operate under a two-tier system – consisting of an executive board and a supervisory board – and said its headquarters will remain in Unterföhring, near Munich.
“The new legal form will not affect shareholders, contract partners, customers, employees and the Corporate Governance of the company. The same is true for stock market trading: The share’s listing on the present stock exchanges remains unchanged,” said ProSiebenSat.
The company first announced plans to convert itself into a European company last October, with the move approved at ProSiebenSat’s annual general meeting in May.
A European Company – also known by the Latin name Societas Europaea or SE – is a type of public limited-liability company regulated under EU law.
The European Company statute was introduced in 2004 and is designed to offer a simpler way for companies run their business if they are active in more than one EU country – for example by reorganising their activities under a single European label.
European Company status also allows a company to transfer its registered office to another EU country without having to dissolve the business.
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