Karom Drinks, one of the three bidders for Zarea SA Bucharest's shares on RASDAQ has doubled the price it is willing to pay for the 49.99% in the sparkling wine maker from 2,250 ROL/share to 5,000 ROL/share. The new bid raises the price of the about 50% in Zarea to a little more than one million euros.
Cocor SA Bucharest, which in its turn bid for Zarea, is now offering more per share, as well, i.e. 2,300 ROL instead of the previous 2,200 ROL. The third bid came from Buzatu Mihaela, who already owns 10% in Zarea, which she bought from Radu Cocos, one of the former shareholders of Astese Production SRL Bucharest, the producer of the Angelli sparkling wine acquired by one of the leading international players of the sector, Henkell & Soehlein (Germany) last year. The remaining 50% in Zarea belong to other shareholders. All offers expire on Friday.
"We do not regret outbidding the other contenders by a large amount. Our offer merely shows how transparent the system is, as well as our real appraisal of the company that has made history in Romania. We are convinced that under the circumstances, the Privatisation Authority (APAPS) will subscribe. At the moment, all we can think about is how to put the company that has large debts to the State back on track," Emil Popescu, Karom Drinks' general manager says.
Although the Privatisation Authority has announced it has no intention of selling its stake on the capital market, Karom Drinks is trying, by doubling the price per share, to persuade the State to sell its interest on RASDAQ, even though it is leaning towards a more traditional privatisation. Cocor's officials did not rule out the possibility to participate into a classical buying scenario to get the state-owned interest in Zarea, either. "APAPS has until March 26, 2004 to decide whether to sell or not to sell to Karom," Po
