March 24 (SeeNews) - Israeli Investment Group has offered to pay 92 million marka ($50.8 million/47 million euro) for a majority state-owned stake in Bosnian mining company RZR Ljubija, more than the 63.6 million marka proposed by local iron ore mine operator ArcelorMittal Prijedor, local media reported.
The companies have made two earlier bids for the government's 64.9% stake in Ljubija, news portal Capital.ba said on Thursday.
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Israeli Investment Group first offered 53 million marka, while ArcelorMittal pledged 29 million marka. The Israelis then increased their offer to 60 million marka, 7 million marka more than their rival.
Israeli Investment Group in its latest offer also said it will invest a further 65 million marka in Ljubija over the next three years and open 320 new jobs. ArcelorMittal, on the other hand, has pledged to invest 63 million marka over the next 10 years and employ a further 300 people.
ArcelorMittal Prijedor is a joint venture of ArcelorMittal and RZR Ljubija. ArcelorMittal is a majority shareholder with a 51% stake.
The Serb Republic is one of two autonomous entities forming Bosnia. The other one is the Federation of Bosnia and Herzegovina.
(1 euro=1.95583 Bosnian marka)