Salonit Acquires Kema Puconci

Salonit Acquires Kema Puconci
Published: 21 January 2005

Cement manufacturer Salonit Anhovo has acquired a 84.78 per cent stake in its counterpart Kema Puconci in a friendly   takeover bid that expired on 17 January.   Salonit had already owned 24.97 percent of Kema before the bid was   officially launched. It acquired the remaining 59.81 per cent at a price of   SIT 7,250 (Euro30.2) per share.   Thursday’s press release that the purpose of the takeover was to take   advantage of the synergies and make the united company more competitive.   Before the New Year, the Anhovo-based company said it would wrap up 2004   with SIT 12bn (Euro50m) in sales revenue.   While the figure is somewhat lower than SIT 12.3bn (Euro 51.3m) posted in   2003, net profits for 2004 were expected to more than double, amounting to between SIT 2.5bn (Euro 10.4m) and SIT 3bn (Euro 12.5m).