Ameropa-owned firm Pelican Fertilizers offers RON2.22 per share, almost 9% higher than the last price on the Bucharest stock exchange, according to a decision of Romania’s securities regulator CNVM, which approved the takeover bid Wednesday.
ING will broker the offer between June 5 and June 25.
At the price offered by Ameropa, Azomures market value is RON1.167 billion (EUR262.7 million).
One significant shareholder of the chemical plant is Fondul Proprietatea (FP.RO), with a stake of 11.13%. The fund could get RON130 million for its shares if it decides to sell.
In the first quarter of 2012, Azomures posted a net profit of RON46.5 million, up 5% on the year, at 9% higher sales.
Ameropa bought in March 75.87% of Azomures from the company’s Turkish stockholders.
In the transaction, Ameropa also took over harbor operator Chimpex Constanta (CHEM.RO). The Swiss group will also launch a mandatory takeover bid for 9.57% of Chimpex for a total RON10.4 million (EUR2.3 million). Ameropa offers RON9.7 per share, 7.8% higher than the last market price. (EUR1=RON4.4452)