May 26, 2012
National Securities Commission approves tender offer for Azomures
The Public Tender Offer introduced by Pelican Fertilizers GmbH for a 24.13% stake in fertiliser producer Azomures (AZO) has been approved by the National Securities Commission.
The offer price stands at RON2.22 (US$0.63), up 9% on yesterday's closing price, and the offer is scheduled to take place over June 5 to June 25, 2012. Pelican Fertilizers is a subsidiary of Ameropa, which took over some 76% in Azomuresthrough the purchase of two significant shareholders of the latter.
We note that with its 11.1% stake in AZO, if it decides to sell, Fondul Proprietatea will be able to book a pre-tax gain of RON105.5 million (US$30).