AIG negotiates takeover of Oradea-based Simcor

Shareholders of the Simcor group in Oradea, one of the largest producers of construction materials in Romania, are under negotiations with several foreign investment funds, among which AIG Capital Partners, to sell the company, with the value of the transaction standing at around 80 million euros. “Simcor shareholders are indeed holding negotiations to sell the Simcor group, with the sum currently discussed amounting to around 80 million euros. We are negotiating with AIG among others, to sell our majority stake, but we have not yet ended negotiations,” said Laura Tigan, head of the marketing department of Simcor Grup. AIG Capital Partners, through its AIG Capital Management subsidiary, is negotiating the takeover of the Simcor group from businessman Stache Lutz, the majority shareholder of the construction materials producer. Talks on selling the group date back to the August-September period, and could be completed in the spring of 2008, according to sources close to the transaction, quoted by Mediafax.