February 26 (SeeNews) - Serbian dairy group Sremska Mlekara has said it plans to launch a takeover bid for the 42.07% stake it does not already control in local tobacco company Duvanska Industrija Bujanovac (DIB).
Sremska Mlekara will target the acquisition of 14,274 Duvanska Industrija Bujanovac shares, it said in a filing with the Belgrade Stock Exchange on Friday.
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The dairy company currently controls a 57.93% stake in Duvanska Industrija Bujanovac, it added.
Sremska Mlekara will apply for approval of the planned takeover bid with Serbia's competition regulator within a period of 15 days after announcing its intention.
The share price of Duvanska Industrija Bujanovac currently stands at 11,453 dinars ($120/97 euro), according to data from the Belgrade Stock Exchange. There were no deals involving the shares of the company in the last three years.
(1 euro = 118.072 euro)