Siemens Bulgaria, Nasekomo partner for insect protein boost
Albanian insurers GWP up 9.6% in Jan-Oct
Serbia's domestic PPI rises 0.8% y/y in Nov
Bulgaria's Etropal swings to 9-mo cons net profit
Arco Vara appoints general manager for Bulgaria
Dec 07, 2022 15:58 EEST
December 7 (SeeNews) - Montenegrin state-owned power utility company EPCG [MNG:EPCG] said it will acquire steel mill Zeljezara Niksic from Turkey's Toscelik in a deal worth 20 million euro ($21 million), local media reported.
The agreed deal includes an initial payment of 15 million euro in January and a second of 5 million euro to be made by February 15 after which EPCG will take over full ownership of the steel mill, Milutin Djukanovic, the president of the EPCG board of directors, said as quoted by state broadcaster RTCG on Tuesday.
You can subscribe to our M&A newsletter here
Montenegro's government gave approval for takeover talks to start in August.
Toscelik acquired Zeljezara Niksic in 2012 for 15.1 million euro after placing the best bid in an auction launched by the government. Toscelik suspended production activities at Zeljezara Niksic in March 2021, due to a drop in orders caused by the coronavirus pandemic. Last year, the Turkish company said it is in talks for the sale of the steel mill.
($ = 0.9518 euro)
You have run out of free articles this month.
Sign up in for
and get ten (10) free articles per month or sign up for
and get unlimited access.
Browse our free newsletter options