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Oct 15, 2007 17:20 EEST
October 15 (SeeNews) - Shares in Slovenian blue-chip energy-to-tourism holding firm Istrabenz gained a further 1.54% on Monday as investors expect the company to attract bids from suitors other than local fuel trader Petrol, brokers said.
Istrabenz gained 1.54% to an average price of 115.58 euro ($165) in turnover of 65,070 euro on the Ljubljana Stock Exchange on Monday, after reversing earlier losses on Friday. The company lost 9.05% on Thursday and 8.73% on Wednesday, after Petrol placed a takeover bid for it earlier that day, offering to pay 100 euro per share. Istrabenz stock had an average market price of 135.62 euro on Tuesday.
“Investors still hope that Petrol will not acquire a big stake. They expect someone else to make another offer,” Marko Jovic, an analyst with local bank Abanka Vipa, told SeeNews. “Investors also expect Petrol to offer a new, higher price,” he added.
Shares in blue chip Petrol lost 0.25% to 946.92 euro on Monday.
($ = 0.70 euro)
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