Romcim price, too low

French group Lafarge is the second absolute majority shareholder to have announced the price it is willing to pay as part of the mandatory takeover offer in view of delisting its company. Lafarge holds 91.1% in Romanian cement producer Romcim Bucharest and is planning to pay the minority shareholders 197,670 ROL/share. Unlike Renault Group, which is to offer 1,200 ROL for every share of carmaker Dacia Pitesti (more than the price calculated by the auditor, under the law and higher than the current quote of the shares), Lafarge’s offer will be conducted at the price set by the independent auditor. At the same time, the price offered for Romcim shares is lower than what the investors had in mind. Romcim shares fluctuated between 235,000 ROL and 250,000 ROL on Friday, before they were suspended from trading. ZF