TTS wants the rest of Navrom

Transport Trade Services (TTS) Bucharest, one of the leading carriers in Romania, has made an offer to buy 40.28% in Navrom Galati, the Romanian river navigation company. TTS is acting in concert with two other Navrom shareholders: Transfer International Spedition SRL, owner of 10.1% in the company, and Hartan Constantin, which owns 0.1%. The three investors will control 100% in Navrom if TTS succeeds in buying the entire stake for which it has made a bid. The TTS offer represents 27,990 ROL per share, which is less than Navrom trades for on the RASDAQ. The liquidity of the company is usually very low. The par value of a Navrom share is 25,000 ROL. TTS representatives say they made the offer to consolidate their position in Navrom by acquiring the majority shareholder status. ZF