German group makes EUR 7.7 mln takeover bid for Romanian power transformers producer

German group SGB-SMIT will launch a takeover bid for 100% of the shares of Romanian power transformers producer Retrasib Sibiu (BVB ticker: RTRA). The value of the offer will be EUR 7.72 million, according to an announcement made on the Bucharest Stock Exchange (BVB). The takeover price is RON 0.3414 (EUR 0.0772) per share, according to the preliminary announcement published on Monday. The offer will be managed by Polish brokerage firm Ipopema Securities, which recently started operating on the local market. At the end of June, the German company reached an agreement with the main shareholders of Retrasib, Calin and Octavian Bozoianu, to buy their shares for a minimum price of EUR 0.0768 per share. They hold 55.4% of the company and will get EUR 4.27 million. Retrasib is currently the main power transformers manufacturers in Romania. The company had a turnover of EUR 9.86 million and a EUR 470,000 net profit in 2013. It has 108 employees. SGB-SMIT is one of the largest transformers producers in Europe. The group had a consolidated turnover of EUR 531 million, in 2013. Andrei Chirileasa, andrei@romania-insider.com