24.8 C
June 26, 2022

Ford’s stake in Automobile Craiova up at 97.07% in takeover offer

US automaker Ford Motor Company, the majority shareholder of Romania’s auto assembly plant Automobile Craiova, bought a 0.34% stake in the plant following the takeover offer, hiking its stake at 97.07%, and will start the delisting procedures, Mediafax informs. Between July 22 and August 11, the company developed a takeover offer for the 3.26% stake it did not own in Automobile Craiova. Thus, Ford Motor Company planned to buy 618,973 shares, but it only managed to buy 63,123 shares, at 17.65 lei /share, totaling RON1.1 million, according to brokerage company EFG Eurobank Securities. In July, Adrian Andrici, a minority shareholder in Automobile Craiova asked the country’s Securities Commission CNVM to annul the takeover offer initiated by Ford, but the authority rejected the request.

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