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Romania's Iulius Holding launches buyout bid for Carbochim

Romania's Iulius Holding launches buyout bid for Carbochim Source:

BUCHAREST (Romania), January 30 (SeeNews) - Romanian real estate developer Iulius Holding has launched a mandatory buyout bid for the 31.63% stake in  local abrasive materials producer Carbochim [BSE:CBC] it does not already own, Carbochim said.

The purchase of the minority stake will be made through Carbo Europe, a company of Iulius Holding, Carbochim said in a statement on Wednesday.

Carbo Europe is offering to buy the remaining 1,559,228 shares in Carbochim at a price of 15.1 lei ($3.5/3.2 euro) apiece from individuals and companies.

The company already owns a stake of 68.37% in Carbochim, following purchases in March 2018 and November 2019.

The buyout offer will be valid from February 3 to March 6.

Carbochim's shares last traded on the Bucharest Stock Exchange on Wednesday when they closed 0.67% higher at 15.1 lei.

Carbochim was established on 1949 in Cluj-Napoca. Iulius Company, founded 20 years ago, has developed over 300,000 sq m of retail space and 146,200 sq m of class A office space. 

(1 euro = 4.7790 Romanian lei)