SGB – SMIT plans to buy 100% of Retrasib at RON0.3414 a share, the company said in a preliminary announcement to the Bucharest Stock Exchange Monday. The proposed price is 4.2% higher than Friday’s closing price of RON0.3275 a share. Retrasib shares rose 3.5% Monday following the takeover plan announcement, to RON0.3390 a share.
Retrasib, indirectly owned by businessmen Octavian and Calin Buzoianu, had a turnover of RON43.57 million and a net profit of RON2.1 million last year.
SGB – SMIT group is one of the major European producers of power transformers. SGB – SMIT had a turnover of EUR531 million last year and a loss of EUR22 million. It has production units in Germany, Netherlands, Malaysia and the United States.