Hive down of the business of Iberia to Iberia Operadora Sample Clauses

Hive down of the business of Iberia to Iberia Operadora. As mentioned in section 1.2(i).a) above, as an initial step linked to the merger which is the subject matter of this Project, Iberia will hive down its entire business to Iberia Operadora. The hive down will be carried out, after the relevant administrative authorizations have been obtained and the conditions precedent contemplated in the project relating to the hive down (the “Hive Down Project”) have been fulfilled, through a transfer pursuant to article 71 of Law 3/2009 and on the terms of the Hive Down Project executed by Iberia and Iberia Operadora on 24 June 2010, whereby Iberia will transfer its entire business to Iberia Operadora as described above, making up a branch of activity for tax purposes, to its wholly owned subsidiary Iberia Operadora. The hive down will be submitted for approval to the shareholders of Iberia and Iberia, in its capacity as the sole shareholder of Iberia Operadora, prior to or simultaneously with the merger which is the subject matter of this Project. In any event, the merger shall not be carried out until the hive down has been implemented and, accordingly, all the assets and liabilities linked to the business of Iberia have been transferred, as a whole, to Iberia Operadora. As established above, it should be noted that (i) the treasury stock of Iberia, currently represented by 27,898,271 ordinary shares representing 2.927% of its share capital, are to be excluded from the transferred assets and liabilities, since such treasury stock of Iberia will be cancelled prior to the execution of the hive down and (ii) Iberia will retain its rights and obligations under the Merger Agreement.
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