Two Romanian billionaires fighting over 11 million-euro business of Socep

Socep Constanţa, a company whose annual business stands at 11 million euros, but which is strategically positioned in Constanţa harbour, has become the stake of the most heated conflict on the Bucharest Stock Exchange between two businessmen with tens of millions of euros available and better known locally, where they conduct their business. The fight between TTS transport group of businessman Mircea Mihăilescu and Celco aircrete manufacturer held by Niculae and Ioan Duşu for the takeover of Socep Constanţşa (SOCP) has driven the price of the harbour operator's stock up 60% in one week. As soon as TTS paid 3.2 million euros for 10% in Socep at the end of last week, Duşu countered by buying 3 million euros' worth of shares to boost his interest to 43%. At stake here are the 5% of the commodity traffic in Constanţa harbour, one of the hottest commercial areas in the country.