Germany, Regensburg: SGB-SMIT has announced it will launch a takeover bid for 100% of the Retrasib Sibiu shares - Romanian power transformers producer.
According to the Bucharest Stock Exchange, the value of the offer will be €7.7 million ($10.3 million), reports Romania Insider.
SGB-SMIT reached an agreement with the main shareholders of Retrasib, Calin and Octavian Bozoianu, to buy their shares for a minimum price of €0.0768 per share. They hold 55.4% of the company and will get €4.3 million ($5.7 million).
Retrasib which is the main power transformers manufacturer in Romania, had a turnover of €9.86 million ($13.2 million) and a €470,000 ($626,980) net profit in 2013.
Source: Romania Insider