Mittal offers 2.2m euros to delist a company with 40m euros in accounts

After a failed tender offer billionaire Lakshmi Mittal carried out for Romportmet Galaţi (ROMT) harbour operator during April-May period, now the group he controls initiated the minority shareholder withdrawal procedure at a slightly higher price, namely 9.6 RON/share, compared with a 9.5 RON price offered several months ago.
This time, minority shareholders can no longer reject the offer as they would be locked in the shareholder structure of a closed company, as Romportmet will be delisted after the minority shareholder withdrawal procedure.
"They have high profit margins, they're sitting on a pile of cash, but taking into account 2009 figures, with a massive operating income decline, minority shareholders can hardly justify a higher price. If the company's results returned to 2008 levels, they may have regrets," commented a market analyst.
Romportmet is currently one of the wealthiest companies listed on the market, holding around 171m RON (over 40m euros) in bank accounts in late 2009.
At the same time, the issuer is one of the most profitable on the Stock Exchange, with profit margins even as high as 80% in recent years.
Mittal owns around 96.1% in Romportmet through ArcelorMittal Holding and Sidex Trading.
The 9.6 RON/share price values Romportmet at around 242m RON (57m euros), close to the company's book value in late 2009, of 241.1m RON.