Halewood drinks Cramele Prahova up

Halewood Romania Vinuri (Bucharest) today will put out a public takeover bid for 12% in winemaker Cramele Prahova Ploiesti, in order to turn it into a closed company. It offers 1,250 ROL for each of the 4.011 million shares out there, with the entire stake therefore worth 5.013bn ROL. The offer is brokered by Netinvest Bucharest. Halewood Romania Vinuri, which holds 73.7% in Cramele Prahova SA, operates as a broker in foodstuffs, beverages and tobacco trade. It posted 26bn ROL losses in 2002, while turnover reached 81bn ROL. Cramele Prahova produces 60,000 hl of wine a year and most of the output is exported. The company holds 55 ha of vineyards, which it operates by itself and also buys grapes from the private producers in Ceptura, Tohani, Valea Calugareasca, Urlati and Medgidia. Cramele Prahova has ten productive units and seven wine cellars that can store up to 15 million litres. It estimates to make $6.8 million turnover in 2003, the same as in 2002. ZF