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SGB-SMIT to launch €7.7 million ($10.3 million) takeover bid for Retrasib

Germany, Regensburg: SGB-SMIT has announced it will launch a takeover bid for 100% of the Retrasib Sibiu shares – Romanian power transformers producer.

According to the Bucharest Stock Exchange, the value of the offer will be €7.7 million ($10.3 million), reports Romania Insider.

SGB-SMIT reached an agreement with the main shareholders of Retrasib, Calin and Octavian Bozoianu, to buy their shares for a minimum price of €0.0768 per share. They hold 55.4% of the company and will get €4.3 million ($5.7 million).

Retrasib which is the main power transformers manufacturer in Romania, had a turnover of €9.86 million ($13.2 million) and a €470,000 ($626,980) net profit in 2013.

Source: Romania Insider