$5m for 11% in Moldocim

German HeidelbergCement Group, the majority shareholder of the Moldocim Bicaz cement plant on Monday launched the preliminary announcement of the takeover bid for the remaining 11.08% in the company still held by minority shareholders. The preliminary announcement shows the price the Germans are prepared to offer is at least 50,000 ROL for each of the 3,254,622 shares, that is about $5 million ($4.97 million if calculated at the exchange rate valid the day the announcement was made) for the entire Moldocim stake. The Germans have to put out the public purchasing offer within 20 days from the preliminary announcement, as stipulated by the capital market legislation. If they get more than 90% of the shares after having run this offer, they are bound by the capital market legislation in force to launch a new offer within a year in order to buy the rest of shares and have the company delisted from RASDAQ. ZF