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  "notes": "Uses a balance sheet excerpt to prove the lack of liabilities at the subsidiary level.",
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      "text": "The assumed debt was likely at one or both of Pietroni's subsidiaries because as of December 31, 2019, Pietroni had no liabilities. (Pietroni did not consolidate its subsidiaries.)",
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      "text": "In addition to the €10.1 million CPI PG paid Vitek, CPI PG explains that as part of the acquisition, it took on €35.5 million in new debt in the form of two new bank loans.",
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      "text": "As an effect of acquisition of Pietroni (see Note 3.4), the Group reports two new bank loans of EUR 35.5 million maturing between 2020 and 2030. — CPI PG Annual Management Report 2019",
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      "text": "1 CPI PG Annual Management Report 2019, Pg. 129. 2 Pietroni Financial Statements 2019 are company level financials.",
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