Nicolae Dusu, chairman of Celco Constanta, the second biggestplayer on the ACC (autoclaved cellular concrete) market, states hehas recently received a takeover bid of around 70m euros from aninvestment fund, but he rejected it as he considered it toolow.
"Compared with previous years, when I turned down any offer,this year I understood in capitalism everything is for sale. Ireceived a 70m-euro takeover bid, but I rejected it as it was toolow," Nicolae Dusu, who last year declined another 150m-eurotakeover bid, told ZF.
Celco chairman states that, on the contrary, he is interested inacquisitions or mergers on the market and that he is working withKBC Securities brokerage to study the market. "We're open toseveral acquisition or merger options, because this is a goodmoment, but prices are not the best for the time being. I believewe'll see prices go down in the following period," he states.
Dusu is one of the most powerful businesspeople of Constanta,and Celco is a 31.2m-euro business, with a 34% net profitmargin.
The construction materials producer is in talks with severalmarket players for some acquisitions or mergers, but talks willmost likely be finalised in early 2010, when companies' valuesslide further.
"We're ready for possible acquisitions or mergers and we'rewaiting for better prices. A concentration on the ACC market iswelcome because we'll become stronger," states Nicolae Dusu.
"Celco has no financial problems and we have cash foracquisitions, but we're waiting for the right time. Instead, we'vehad problems on the market because of the plummeting demand forconstruction materials," Dusu maintains. He had previously said ACCdemand this year dropped by 30% in terms of volume, while pricesslid by 17%.
Celco turnover will shrink by around 30% this year, in line withthe market pace, to 22m euros, as major real estate projects havebeen frozen or delayed and around 80% of demand came from peoplewho built houses individually.
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