English
Dafora - Medias made a public offer for 56.34% in Condmag SA - Brasov, in which they already held 43.6%, but did not manage to buy a single share. The offer was valid between July 31st and August 20th for an overall price of 102.2 million RON (32.75 million EUR).
According to the capital market laws, a shareholders having over 33% of the voting rights in a company must make an offer for all the other shares. In this case, the offered price was 1.05 RON, by 48.7% less than Monday"s price for Condmag shares.
Dafora had in May increased their stake in Condmag from 26.2% to 43.65% after having bought 17.4% for 31.5 million RON, equal to 1.05 RON/share, by 40% less than the market price.
Condmag manufactures gas, oil and water pipes and related equipment. The main customers are Falcon Oil, Wirom Gaz, Conpet - Ploiesti and Congaz - Constanta. At the end of H1, Condmag reported 49.52 million RON (14.87 million EUR) in turnover and a six-fold increase in net profit to 1.91 million RON (574,000 EUR). The profit target for this year is 10.4 million RON.
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