10% Napolact capital cut

Netherlands-based Friesland might increase its interest in the Romanian dairy products maker Napolact Cluj from 40% to 44% without buying even a single share. Napolact’s Board of Directors decided to have the company repurchase up to 10% of its shares from RASDAQ. The shares redeemed will be cancelled and the share capital reduced accordingly. Those not selling their shares over the next two months, the time frame Napolact allotted for repurchasing, will come to hold a higher stake after the capital cut. The brokers say this is the first step of a Napolact takeover by Friesland. The Dutch now hold 40% in the Cluj-based dairy maker, following a tender offer run last September. The capital market law does not allow them to put out a new offer in less than 12 months from the conclusion of the first one and market sources say there will be a new Friesland offer by yearend. ZF