PODGORICA (Montenegro), April 23 (SeeNews) – Montenegrin state-owned power utility EPCG [MNG:EPCG] has said it launched a buyout bid for the entire capital of blue-chip coal miner Rudnik Uglja [MNG:RUPV].
EPCG is offering to pay 6.40 euro ($7.83) per Rudnik Uglja share, the power utility said in a filing with the Montenegro Stock Exchange last week.
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The buyout offer is valid in the period between April 20 and May 4, 2018, EPCG said.
According to an analysis by Deloitte, the investment value of the shares in Rudnik Uglja stood at 6.90 euro as of December 31, 2017, while its fair market value amounted to 6.40 euro, EPCG said in a statement last month.
The Montenegrin government holds a 31% stake in the capital of Rudnik Uglja, while Italian utility A2A controls a 39.5% shareholding interest. The remainder is owned by private investors.
A2A also controls a 41.7% stake in EPCG but in July it submitted an official application with the Montenegrin government for the sale of its shares. The government will pay a total of 250 million euro for the shares held by A2A in seven annual instalments so as not to burden the state budget, the government said back then.
Rudnik Uglja's shares closed flat at 6.0 euro on Friday on the Montenegro Stock Exchange. The capital of Rudnik Uglja is composed of a total of 5,064,443 shares.
($=0.8121 euro)