The Romanian branch of Dutch food group Friesland Coberco announced it would offer at least 9.6 million dollars within a new takeover bid for the stock of dairy company Napolact Cluj, under the final stage in the company's takeover process which has been unfolding over the last two years.
The Dutch will offer a minimal price of 55,000 ROL/share for the 58% stake in Napolact that they do not hold yet. The real value of the takeover transaction might be higher, though, according to stock exchange analysts, since Friesland also has the possibility to offer the other shareholders dividends from the profit Napolact registered last year.
The offer mainly refers to the stake controlled by the company's Employee Association, namely 39.5%. Market sources state that Friesland and the Napolact employees have already negotiated the terms of the transaction and that the latter are going to subscribe to the bid, after having taken a different course of action in 2003. The bid is managed by ING Securities. Friesland's general manager, Gerbrand de Boer, would not comment on the company's move.
According to some estimates, at the end of last year Friesland held 16% of the fresh milk market, an 8.6% share of the cheese market, 13.2% of the butter market and 15.3% of the powder milk market. At present, Friesland sells two brands on the Romanian market, namely Milli and Oke. Following the takeover of Napolact, the Dutch company's portfolio will also include ice cream, since Napolact is one of the main ice cream producers on the Romanian market.
vlad.nicolaescu@zf.ro
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