English"Arcelor Mittal Holdings", part of the largest metallurgic group in the world, has acquired 0.0895% of the stock of "Romportmet" Galaţi, paying 206,000 lei as part of a public takeover offer which lasted between April 7th and May 18th. The Indian company was looking to acquire 3.93% of the company"s stock, (995,961 shares), at a price of 9.5 lei/share, 5.5% above the market price at which the stock was trading prior to the public takeover offer.
Prior to this offer, "Arcelor Mittal Holdings" held 84.49% directly in the Galaţi port operator, and 11.49% through "Sidex Trading" Galaţi, part of ArcelorMittal.
The legislation in effect states that once a majority shareholders controls more than 95% of a company it can ask minority shareholders to sell off their remaining shares and delist the company.
"ArcelorMittal" also owns two metallurgic plants in Romania, (Galaţi and Hunedoara), and pipe and tube makers in Iaşi and Roman, as well as the Romanian division of "ArcelorMittal Construction".
"Romportmet" Galaţi ended the first quarter of 2010 with a net profit of 5.21 million lei, down 15%YOY from 6.12 million lei. The company"s business increased 44.8% during the reviewed period, from 6.87 million de lei to 9.95 million lei.
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