March 16 (SeeNews) - Newly-established company Port Acquisitions, fully owned by Czech industrial group CE Industries, has become obliged to announce a takeover bid for the 65.58% interest it does not already own in Croatian port operator Luka Rijeka [ZSE:LKRI], a legal representative of Port Acquisitions said.
On March 14, Prague-based Port Acquisitions bought a 24.98% stake in Luka Rijeka from Poland's OT Logistics and a stake of 8.75% in the port operator from Polish investment fund Fundusz Ekspansji Zagranicznej Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych, which along with the shares that Port Acquisitions already owned in Luka Rijeka brought its shareholding interest to 34.42%, Croatian law firm Tus & Grzic said in a filing to the Zagreb bourse after the end of the trading session on Wednesday.
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It did not disclose the value of these transactions.
According to the Croatian law on takeovers, Port Acquisitions is due to make a takeover offer because its stake in Luka Rijeka has exceeded 25%.
On Tuesday, a newly set up Swiss company, Zentralschweizerische Investment Holding AG, announced plans to make a voluntary takeover bid for the shares of Luka Rijeka.
Luka Rijeka's shares traded 3.16% lower intraday on Thursday on the ZSE, at 9.29 euro. The bourse put the shares in the segment for monitoring on Tuesday following the announcement of the Swiss company’s plan for a takeover bid.
The equity capital of Luka Rijeka totals 71.6 million euro ($76 million) divided into 13,480,475 shares with a nominal value of 5.31 euro each.
($ = 0.944 euro)