4m-euro offer for Grivita

Metropolis Real Estate Developers company submitted a tender offer for a 60% stake in Grivita Bucharest, standing at over 4 million euros. Metropolis acquired 40% in Grivita in January, a stake previously owned by the Metanef Bucharest trader, for which it paid 2.66 million euros. Metropolis had to make a public takeover bid for the rest of the shares, or sell part of them so that its interest would drop below 33%. Grivita, whose core business includes production of ferrous metals and semi-finished products, last year sold a series of assets, consisting of plots of land and buildings located in the 1st sector of the capital, in the vicinity of the plant, for which it received 9 million euros. The company posted turnover worth 1.3 million euros in the first nine months of 2005, 15% less than in the same time in 2004, making a 78,000-euro profit. ZF