Austrian group Lasselsberger, one of Europe's largest construction materials groups, is in talks for the takeover of 67.4% in Sanex Cluj Napoca, Romania's biggest ceramic tiles maker. The transaction aims at the stake held by Goodison Holdings BV and is estimated at some $8.5-10m. The final decision is to be made in the next few weeks, sources close to negotiations said.
Goodison Holdings, which has been looking to sell its stake in Sanex ever since this spring, is a financial vehicle controlled by investment fund Romania-Moldova Direct Fund (RMDF), which, according to market information, had or still has businessman Dinu Patriciu and Indian ceramics company Sun Earth Ceramics among its shareholders. Goodison took control at Sanex in 2000, having invested $3-4 million dollars in the Romanian company.
Collin Hart, investment director at Romania-Moldova Direct Fund and chairman of the Board at Sanex would not comment on information regarding sale negotiations.
"I have no comments at this point. I can neither confirm nor deny it," Hart said.
During the talks, Lasselsberger is advised by financial services company Vienna Capital Partners. Lasselsberger is an Austrian family business, with a vast portfolio in the European industry of construction materials. The company is credited with annual turnover ranging between 800 million and one billion euros.
The Sanex deal would mean Lasselsberger's comeback on the Romanian market, as the company sold cement plant Casial Deva to German group Heidelberger Zement (now leader of the cement market - HeidelbergCement) at the end of the '90s.
Rumours about the sale of Sanex had been circulating ever since the beginning of the year and were fuelled by the surge of the Sanex stock price on the Rasdaq Market - quotations have almost tripled in the past nine months, as investors are expecting a public takeover offer. Sanex was last quoted at 2,300 ROL/share, which pushed the company's market capitalisation up to $13 million.
According to market information, the shareholding structure at Goodison has significantly changed this year, as Sun Earth Ceramics quit the investment vehicle because of financial difficulties that resulted into the restructuring of international operations.
The takeover of Sanex by "the first truly strategic investor on the Romanian market of ceramic tiles," as certain Sanex competitors say, is likely to have a strong impact on a market estimated at some $100 million annually. adrian.mirsanu@zf.ro
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