Germany’s SGB-SMIT makes EUR 7.7 mln bid for Retrasib

German company SGB-SMIT International will launch a RON 34.14 million (EUR 7.7 million) takeover offer for engine producer Retrasib Sibiu, writes Mediafax.

“SGB-SMIT is planning on acquiring all of Retrasbib’s shares currently in circulation, numbering 100,012,054 shares, representing 100 percent of the share capital and voting rights”, according to a press release published by the Bucharest Stock Exchange.

The takeover price is RON 3414 (EUR 0.0772) per share, according to the preliminary announcement published on Monday. Retrasib’s quote increased 3.5 percent to 0,3390 RON/share at the moment of the announcement.

The offer will be managed by Polish brokerage firm Ipopema Securities, which recently started operating on the local market.

Retrasib, controlled by Octavian and Calin Buzoianu, posted a RON 43.57 million turnover last year with a profit of RON 2.1 million.

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SGB-SMIT is one of the biggest European transformer manufacturers. The German group posted a turnover of EUR 531 million last year and EUR 22 million losses.