Lafarge takeover bid for Sicim company

Lafarge takeover bid for Sicim company
Published: 21 April 2004

Lafarge Romania, one of the three-largest domestic cement makers, launched on Monday a take-over bid for a 32 per cent stake in Sicim Constanta for 48.1bn lei (about EUR1.2m). Lafarge has already indirectly controlled the remainder of the Sicim shares through the Silotrade company, where Lafarge owns 45 per cent of the capital, the bid being launched only for the purpose of meeting the demands by the National Securities Commission (CNVM). Silotrade Bucharest took over 67.69 per cent of Sicim Constanta from Muntenia Financial Investment Company (SIF Muntenia) last year, the transaction amounting to about US$3m. According to the CNVM regulations, as Sicim reached more than 50 per cent of the shares, it had to launch an offer for the remainder stock. Lafarge offered 225,000 lei for a Sicim share, while a title carries a par value of 25,000 lei.