Dacia bids farewell to BSE

The shares of carmaker Dacia Pitesti will be officially withdrawn from the unlisted securities market of the Bucharest Stock Exchange (BSE) today. Since going public in September 1997, Dacia has seen nearly 500bn ROL in transactions on the Stock Exchange and was a lucrative business for the brokers operating on the market during this period. Some of them are still protesting against the legislative provisions, which bind shareholders that own more than 90% in a company to have it delisted from the capital market, arguing this leaves the market with no interesting shares. The delisting comes after the mandatory tender offer run by French Renault Group in March this year. The French managed to buy $13.3 million’s worth in shares, so that they now hold 97.9% in Dacia. This was actually the last transaction involving Dacia shares, at 1,200 ROL/share. ZF