You have 3 free articles left this month. Get your free Basic subscription now and gain instant access to more.

Montenegro's Neksan eyes acquisition of Zeljezara Niksic steel mill - report

Author Radomir Ralev
Montenegro's Neksan eyes acquisition of Zeljezara Niksic steel mill - report Toscelik Niksic; Source: Tosyali Holding

PODGORICA (Montenegro), February 2 (SeeNews) - Montenegro's diversified holding group Neksan is interested in the acquisition of steel mill Zeljezara Niksic from Turkey's Toscelik, Montenegrin media reported on Wednesday.

"We do not need any partner to manage Zeljezara Niksic. We are interested in taking over Zeljezara Niksic, as well as several other companies in Montenegro," local daily Dan quoted Neksan owner, Miodrag Daka Davidovic, as saying.

You can subscribe to our M&A newsletter here

Neksan plans to discuss its plans with the government, Davidovic added.

Toscelik acquired Zeljezara Niksic in 2012 for 15.1 million euro ($17.1 million) after placing the best bid in an auction launched by the government. Back then, Neksan placed the second-best offer, Dan said.

Neksan was also in charge of the management of Zeljezara Niksic for 16 months in 2003 and 2004, when the company was sold by the government to Russian company Midland, which later withdrew from the deal and returned the steel mill into state ownership.

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.

($ = 0.8829 euro)

Share this story
SeeNews in Brief

View our Newsletters

 
Compare