Ford’s Stake In Automobile Craiova Up At 97.07% In Takeover Offer

Between July 22 and August 11, the company developed a takeover offer for the 3.26% stake it did not own in Automobile Craiova.

Thus, Ford Motor Company planned to buy 618,973 shares, but it only managed to buy 63,123 shares, at 17.65 lei (EUR1=RON4.2143)/share, totaling RON1.1 million, according to brokerage company EFG Eurobank Securities.

In July, Adrian Andrici, a minority shareholder in Automobile Craiova asked the country’s Securities Commission CNVM to annul the takeover offer initiated by Ford, but the authority rejected the request.

In September 2007, Ford bought a 72.4% stake in Automobile Craiova assembly plant for EUR57 million.

In April, Ford bought a 22% stake in Automobile Craiova from regional investment fund SIF Oltenia (SIF5.RO) for RON76.4 million. The US company continued to buy shares in the Romanian plant, hiking its stake from 72.41% to 96.74%.

Automobile Craiova has a share capital of RON39.78 million, split up into 18.94 million shares, with a face value of RON2.1 each.

On Bucharest Stock Exchange Tuesday, at 12:35 GMT, Automobile Craiova shares were traded flat on the day at RON17.3.