Slovenian cement manufacturer Salonit Anhovo has acquired a 54.93 per cent stake in its local building materials firm Kema Puconci. Salonit acquired the 119,382 shares by 30 December. But the bid to acquire all shares is open until 17 January. Even before Kema published an offer for the acquisition of all shares, Salonit Anhovo had purchased 24.97 per cent stake in Kema.
The management of Kema Puconci said earlier that it did not oppose Salonit Anhovo’s plans to buy all of its shares. Moreover, it said the takeover would facilitate the company’s development and growth. Salonit believes the offer will be successful. Their goal is to integrate companies manufacturing mineral construction materials and improve their competitive ability.
Before the New Year, Salonit Anhovo said it would wrap up 2004 with SIT 12bn (EUR 50m) in sales revenue. While the figure is somewhat lower than SIT 12.3bn (EUR 51.3m) posted in 2003, net profits for 2004 were expected to more than double, amounting to between SIT 2.5bn (EUR10.4m) and SIT 3bn (EUR 12.5m).