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Oct 10, 2007 15:12 EEST
(adds analyst comment)
LJUBLJANA (Slovenia), October 10 (SeeNews) – Shares in Slovenian blue-chip energy-to-tourism holding firm Istrabenz plunged almost nine percent on Wednesday after local fuel trader Petrol placed a takeover bid for the company, offering to pay 100 euro ($140.35) per share.
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Shares in Istrabenz lost 8.73% to an average price of 123.78 euro on the Ljubljana Stock Exchange in turnover of 340,651 euro.
“The market reacted strongly to the news. The most panicky people sold their shares. The others are still waiting,” Marko Jovic, an analyst with local bank Abanka Vipa, told SeeNews.
“The share price, which Petrol set at 100 euro, in some way reflects the overheating of the Slovenian capital market and that some shares are overvalued, if you have in mind their performance and expectations for the coming years,” he said.
Jovic said that the takeover battle will be for the stakes of state-owned funds SOD and KAD, which hold 16.41% and 11.81% stakes in Istrabenz, respectively.
“I expect the funds to answer the proposal,” he added.
Shares in blue-chip Petrol lost 1.72% to an average price of 965.76 euro on Wednesday.
($ = 0.71 euro)
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