N. Macedonia's Oilko KDA kicks off takeover bid for Makpetrol

Oilko KDA is offering 67,001 denars ($1,180/1,087 euro) per share in the offer, targeting 72,644 shares it does not already own in Makpetrol, Oilko KDA said in the offer.

The targeted shares represent a 64.64% stake in the company. Oilko KDA currently holds a 22.87% stake in Makpetrol.

The takeover offer is valid until March 20.

North Macedonia's Securities and Exchange Commission (SEC) approved the takeover offer on Tuesday.

Makpetrol's shares last traded at an average price of 65,500 denars on the Macedonian Stock Exchange on Wednesday, latest bourse data showed.

Oilko's shares have not changed hands in regular trading on the MSE in the past year.

(1 euro = 61.64 denars)