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Bulgaria's FSC suspends Viand buyout bid for Svinecomplex Nikolovo

Author Mario Tanev
Bulgaria's FSC suspends Viand buyout bid for Svinecomplex Nikolovo Author: The Pug Father. Licence: Creative Commons.

SOFIA (Bulgaria), August 23 (SeeNews) - Bulgaria's Financial Supervision Commission said that it has temporarily suspended the publication of a buyout offer by local meat and animal feed producer Viand for the remaining stake in pork producer Svinecomplex Nikolovo [BUL:6SN] it does not already own.

The bid's publication was suspended due to a number of technical errors in the calculation of the offered price, as well as some missing documents, including a confirmation of Viand's capability to finance the buyout offer, the financial regulator said in its decision, published on Thursday.

Last month, Viand said it is offering to pay 0.93 levs ($0.53/0.48 euro) per each of the remaining shares in Svinecomplex Nikolovo it wants to acquire. At the time, Viand did not control 34.78% of Svinecomplex Nikolovo, but earlier this month it acquired a 32.38% stake in the company from Luxembourg-based Westpark Financial Group.

Viand acquired a 65.22% stake in Svinecomplex Nikolovo from local companies Pimaro Bulgaria and Hybrid in July. Pimaro Bulgaria sold a 33.06% stake in Svinecomplex Nikolovo, while Hybrid divested a 32.16% stake.

Last month, Bulgaria's Food and Safety Agency said that it confirmed the presence of African swine fever in a sample from Svinecomplex Nikolovo's pig farm and all 17,000 pigs there there would be culled.

(1 euro = 1.95583 levs)