Metal Invest Grup buys into Uton

Darmanesti-based Metal Invest Grup has managed to buy 352,139 shares in technological equipment provider Uton Onesti for 81,375 ROL/share in a takeover bid on the Bucharest Stock Exchange. The transaction amounted to 28.6bn ROL ($0.85 million). The stake bought by the bidder accounts for nearly 44% in Uton, although the bid was intended to attract 49%. The other valid bid on the market, put out by Siatra Prod, based in Targu Jiu, attracted nearly 8,000 shares worth 620 million ROL, although the price was lower (77,500 ROL/share). Sources on the market say SIF Moldova, which was holding 38% in Uton prior to this bid, sold its shares. Another significant Uton shareholder, the Employees Association, holds 37%, but it is bound by the privatisation contract not to sell it. ZF