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ZF English

Copper bankers take over Carpatina

6 feb 2006 9

Lipomin Lipova, whose main shareholders are the owners of copper producer Cuprom Baia Mare on Thursday signed the contract for the acquisition from Petrom of the Carpatina mineral water business. Horia Simu and Horia Pitulea, who had worked for Citibank Romania took over and developed the Cuprom business, with revenues estimated at 100 million euros last year. According to data from the Trade Registry, Simu and Pitulea fully own Nordexo Manufacturing Bucharest, main shareholder of mineral water and soft drinks producer Lipomin Lipova. Nordexo holds an over 31.95% stake in Lipomin, according to the latest available reports on RASDAQ, where the company shares are listed. Petrom announced on Thursday that it had sold its 82.89% stake in Carpatina, under a strategy to divest assets, which are not part of its core business. The two parties agreed to keep the value of the transaction confidential. Sources on the market say Carpatina was sold for about 3 - 4 million euros. "A competitive system was established in order to select an offer, and Lipomin made the best offer. The transaction is due to be completed in March this year after the suspensive conditions are met," Petrom officials commented. ZF

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