Vel Pitar plans big merger

Ramnicu-Valcea-based Vel Pitar, one of the largest milling and bakery companies on the Romanian market, is planning a merger by absorption with Gorjpan Targu Jiu and Pangran Iasi. The merger will engender a company with some 1,400bn ROL ($42m) in annual turnover. Another merger with Panificatie Postavarul Brasov may soon follow, as the company is now undergoing a capital increase and buying back its shares. The merger by absorption between the three milling companies is to be discussed by Vel Pitar shareholders at the General Meeting in late October. ZF