$14m for Sidex stake

LNM Holdings NV, the main shareholder of Galati-based steel mill Ispat Sidex, is to launch a public takeover offer for 13.19% of the plant’s capital, for 4,800 ROL/share. The offer amounts to 14.5 million dollars and is the first step towards delisting the mill from the Rasdaq market. LNM Holdings owns 86.8% of Sidex shares and is planning to operate under the new capital market legislation, allowing shareholders that hold more than 90% in a company to delist it after launching a public takeover offer. LNM will place the first offer at 4,800 ROL/share, to exceed the 90% threshold. The law stipulates that, when the shareholder comes to own 90% in the company, the first offer is halted and another is launched, especially for delisting. ZF