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Dec 02, 2009 18:19 EEST
December 2 (SeeNews) - Cyprus-based Altaria Research Limited said it has launched a bid to squeeze out minorities of Serbian power trader Rudnap Group.
Altaria will pay 540 dinars ($8.5/5.6 euro) for each of the remaining Rudnap Group shares it does not yet own until December 11, it said in a filing to the Belgrade bourse.
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Altaria Research Limited raised its stake in Rudnap Group by 0.90% to 98.10% following a buyout bid last month. It bought 1,353,471 stocks from October 30 until November 19, paying 540 dinars per share.
Rudnap Group stock last traded on the Belgrade bourse on November 11, closing 5.14% up at 450 dinars in a volume of just five stocks.
Altaria has said it owns 100% of Rudnap’s units based in Austria, Hungary, Macedonia and Croatia, and 99% of Romania’s Rudnap SRL.
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