June 3 (SeeNews) - The Croatian subsidiary of Germany's Hawle Armaturen said on Monday it has increased its stake in local metal products manufacturer Metalska Industrija Varazdin (MIV) to 95.6% following a buyout bid.
Koprivnica-based Hawle d.o.o. said in a bourse filing it acquired 962 MIV shares representing 6.41% of the company's share capital.
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Following the buyout bid, Hawle owns 14,355 MIV shares of 3,700 kuna ($558/499 euro) in par value each.
The bid was opened on April 25 for 28 days with Hawle offering to pay 1,000 kuna per share for the shares it did not already own.
The offered price is equal to the price at which it acquired 13,393 MIV shares in a block transaction in December to become MIV's majority owner.
Hawle has said it plans to reorganise and restructure MIV via significant financial investments and refinancing of existing debt. It also aims to use the network of Hawle Group for MIV's expansion on new markets.
MIV produces valves and fittings for water, sewage and desalination systems, pump stations and power systems and sells its products to customers in over 40 countries worldwide. Some 70% of its production is exported.
MIV says it is one of few European companies featuring design facilities, a foundry and a machining plant at the same location. The company is based in Varazdin, in northern Croatia and employs 600.
(1 euro = 7.41837 kuna)