RIC says yes to Renault for Dacia

Romanian Investment Company Cyprus (RIC) will subscribe the public takeover offer launched last week by Renault and aimed at a 7.28% stake in Dacia, in view of delisting the Romanian carmaker. The French said they were willing to pay 1,200 ROL/share. “Everybody knows we have fought for assessment procedures (of the share price, i.e.) that should be fair both to the small and to the majority stockholders. Our dissatisfaction with the results of this ‘fight’ is also well known, as the final regulations benefit the small shareholders. In the particular case of Dacia, according to our calculations, Renault could have offered 900 ROL/share, which would have been perfectly legal. The price of 1,200 ROL/share is thus ‘fair’, as it is bigger than the one calculated according to the regulations (which we hoped to lead to bigger prices). … Consequently, we have no other option but to accept this offer,” says RIC manager Harlan Zimmerman (photo). ZF