U.S. trading company Marco International is planning to merge the two aluminium plants (Alro and Alprom Slatina) it bought this year from the Romanian State, Peter Braun, Marco International country manager for Romania told Ziarul Financiar.
The merger, set to take place next year, will create a company with almost $400m in turnover and is part of Marco's plans to build an integrated aluminium group, with the American company as the main shareholder. For the plan to be complete, Marco International still needs BBG Alum Tulcea, held by trading company Balli. The two companies are still locked in negotiations over the Tulcea-based plant.
Besides Alro and Alprom, Marco International has also concluded a contract for the acquisition of Daewoo Bank. The transaction is subject to authorisation from the National Bank of Romania.
According to Peter Braun, 2002 was the year of investments, but next year Marco International will take the time to "digest" its acquisitions. "We are hoping to finalise the Alro-Alprom merger, which needs to be approved by the Privatisation Authority (APAPS) and to implement the new management systems. Hence, expansion will no longer be our top priority next year," the manager said.
Braun, who is also the VP of Alro, said there would be no major changes in the executive management of the two companies. Alro is in the middle of a capital increase, from 792.29 billion ROL to 1,806 billion ROL, according to the privatisation contract signed by Marco and APAPS. Due to the 2,653 ROL issue premium, Alro will get a $45m capital injection from the trade company.
Since APAPS will not take part in the capital increase, its stake will diminish accordingly, down to 19.59%, while Marco International will come to hold 76.95% in Alro.
Marco owns 88% in Alprom, according to the privatisation contract signed last week.
Following the merger between Alro and Alprom, the newly-formed entity will have almost 2,000 billion ROL ($58 million) in capital stock.
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