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LONDON - Fidelity European Trust PLC (LON:FEV) completed its merger with Henderson European Trust plc on Friday, acquiring approximately £462.7 million in net assets from Henderson, according to a press release statement.
The combination, which was approved by Henderson shareholders earlier in the day, will result in the issuance of 111,902,155 new shares to Henderson shareholders. The conversion ratio was calculated at approximately 0.510196 new Fidelity shares for every Henderson share.
Applications have been made for the new shares to be admitted to the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange’s main market, with admission expected on September 29.
Following the share issuance, Fidelity European Trust’s share capital will consist of 514,832,678 ordinary shares of 2.5 pence each, excluding 13,517,387 shares held in treasury.
As part of the transaction, Fidelity European Trust has also taken over Henderson’s privately placed loan notes, including €25 million in unsecured Series A Senior Notes due January 2047 and €10 million in unsecured Series B Senior Notes due January 2052.
Davina Walter, Chairman of Fidelity European Trust, stated that the combined entity aims to be the "go-to trust" for investing in Europe, highlighting benefits such as a reduced management fee and lower ongoing costs ratio for shareholders.
The merger was first announced to shareholders in a circular published on August 21, 2025.
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