Italy's Effeemmeci Raises Stake in Romanian Textile Firm Siderma to Nearly 60% after Buyout Bid

Effeemmeci held a 54.44% stake in Siderma as of September 3, data from the Romanian over-the-counter market RASDAQ showed.

The Italian company has acquired 12,917 Siderma shares at a price of 148 lei ($50.5/37.8 euro) each, intermediary Rombell Securities said in a statement.

Effeemmeci’s buyout bid for 117,129 Siderma shares, equal to a 45.55% stake in the company, was valid between November 19 and December 10.

Siderma stock last traded in a regular session on the RASDAQ on November 20, closing 2.62% lower at 141.2 lei.

Under Romanian legislation, owners of more than 33% of a listed company are required to make a buyout offer to the other shareholders.

(1 euro = 3.9123 Romanian lei)