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Oct 11, 2007 14:25 EEST
October 11 (SeeNews) - Shares in Slovenian blue-chip energy-to-tourism holding firm Istrabenz extended loss by a further nine percent on Thursday after a day earlier local fuel trader Petrol placed a takeover bid for the company, offering to pay 100 euro ($142.10) per share.
Shares in Istrabenz lost 9.05% to an average price of 112.58 euro on the Ljubljana Stock Exchange in a turnover of 657,236 euro. The company fell 8.73% on Wednesday after Petrol announced its offer.
“The bid is also a reason for the fall [in the share price]. But all shares on the bourse have reached prices which incorporated possible takeovers. Today they fell to more realistic levels,” Tim Umberger, a broker with financial company KD Group, told SeeNews.
Shares in blue chip Petrol lost 3.75% to 929.40 euro on Thursday.
($ = 0.70 euro)
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