Dedeman owners offer EUR 7.5 mln for 55% of Romanian brick producer

PIF Industrial, a company owned by local investors Adrian and Dragos Paval, the owners of do-it-yourself retailer Dedeman, has launched a public offer aiming to buy 55.5% of local brick producer Cemacon Cluj. PIF Industrial already owns 44.5% of the company and the law requires that it offers to buy the remaining shares. The Dedeman owners are willing to pay RON 0.55 for each Cemacon share they don’t own, namely EUR 7.5 million for the whole stake. An investment vehicle owned by BCR-Erste and local investor Florin Pogonaru owns 33% of Cemacon, and CIT Resources, a group founded by Andrei Cionca, holds close to 11%. The rest of the shares are owned by other investors on the Bucharest Stock Exchange. Cemacon, which came close to insolvency after the economic crisis, has managed to recover with the help of its creditors and shareholders. The company reached a turnover of EUR 20.6 million and an operational profit (EBITDA) of EUR 5.4 million in 2017. Cemacon is the main competitor of Austrian group Wienerberger on the local brick market. Dedeman becomes largest shareholder in Romanian brick producer editor@romania-insider.com