Austrian voestalpine pays EUR 840,000 to delist Romanian subsidiary from Bucharest Stock Exchange

Austrian steel group voestalpine plans to delist Romanian company VAE Apcarom Buzau from the Bucharest Stock Exchange (BVB). The group has initiated the squeeze-out procedure, which means it will purchase the company’s minority stakes for a total of EUR 840,000, according to an announcement made on the Bucharest Stock Exchange. The Romanian Financial Supervisory Authority approved the operation. voestalpine controls 96% of VAE Apcarom Buzau, which is currently valued at some EUR 21 million. The minority shareholders hold about 4% of the company. A company listed on the main market of the Bucharest Stock Exchange can be delisted after the majority shareholder gets to control more than 95% of its shares. voestalpine increased its stake over 95% last year, after a capital increase in which most minority shareholders didn’t participate. The company produces railway systems and has more than 200 employees. It had a turnover of EUR 27.7 million and a net profit of EUR 2.6 million, in 2014. Andrei Chirileasa, andrei@romania-insider.com