Excelent absorbs Kandia

The merger between Excelent Bucharest and Kandia Timisoara chocolate makers is nearing completion, once the merger draft has been published. Excelent will absorb Kandia, and the latter’s shareholders will get one Excelent share for every seven Kandia shares. This means every Kandia share will turn into 0.1447 Excelent shares, to be precise. The new company will have a $40 million turnover and a net asset of $30 million. Kandia’s main shareholder is Excelent, 62%, following takeover of the controlling interests from investment fund Rivta GMBH in a complex transaction estimated to $6 million last year. Excelent’s net assets amount to 830bn ROL and Kandia’s to 125bn ROL. In other words, Excelent’s assets are therefore 6.6 times higher than those of Kandia. ZF