Alro ups Alum stake to over 92%

SIF Banat-Crisana sold its 24.09% stake in alumina producer Alum Tulcea during the mandatory tender offer conducted by Alro Slatina, collecting some 2.4 million euros for it. This tender offer, that was concluded on Friday, January 20, enabled Alro to buy nearly 24.9% of Alum for which it paid 2.5 million euros, thus boosting its stake to 92.75%. Alro had put out the offer to take over 32% in Alum. Alro took over the controlling interests, nearly 68% in Alum Tulcea, in a deal worth approximately 7m euros conducted on the RASDAQ in September 2005. The seller at the time was Piochet Consultants, with Alro offering 5.6 RON/share. Piochet had bought the controlling interests in Alum from the Balli Group for 6.4 RON/share at the end of 2004, and then put out a mandatory tender offer, offering the same price to the minority shareholders. SIF Banat-Crisana did not subscribe back then, though it did so during Alro''s tender offer, at a 12.5% lower price. ZF