3.6m euros for remainder of Alum

Pioche Consultants Limited, which is registered in Belize and is the new owner of the controlling interests in Alum Tulcea, put out a tender yesterday worth 3.6 million euros for the shares of the alumina maker. According to market information, Pioche is owned by the Russian oligarch Vitali Matshitsky, who also controls Romania’s only primary aluminium producer, Alro Slatina. Alumina made by Alum is the main raw material for Alro’s aluminium. Pioche bought out Balli Metal SA Bucharest (67.69%) from Alum last December. The deal was conducted through the RASDAQ and exceeded 7.3 million euros. Capital market legislation required Pioche either to put out a tender for the shares it did still hold or to reduce its interest to one third of the company’s capital. The tender, which is being brokered by securities firm Vanguard, is to be conducted at the same price paid by Pioche for the Balli stake, 64,000 ROL/share. Alum’s main shareholder is SIF Banat-Crisana, owner of almost 24%. ZF