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