(story to be published in tomorrow's issue, March 15)
The bid the American company Precision Castparts launched for all the shares of PCC Sterom Campina (24.181percent) ended successfully on Monday and the company managed to purchase almost 22 percent of the shares still traded on Rasdaq market. The shares were subscribed by 45 shareholders, natural and legal persons, the buyer purchasing a total number of 341.530 shares, that is, almost 22 percent of the company's shares, according to a release of Capital Securities, the securities company that mediated Precision Castparts' bid. "SIF Muntenia, which at the date when the bid was launched was one of the main shareholders of the company, with a stake of almost 20 percent of the capital, was finally persuaded to answer the bid. Anyway, most shareholders subscribed over the last week of the bid, when we made efforts to communicate the advantages of the bid to each of the shareholders," Ionut Ditu, a trader with Capital Securities told Ziarul Financiar. Precision Castparts' bid includes a number of 375,466 shares representing 24.181 percent of the company's shares. The total value of the bid, according to the same release amounts to 25.64 billion lei, the price offered by the American company for one Sterom share standing at 68.300 lei/share. "The last 3 percent of the shares of Sterom which were not included in the bid, belong to 500 - 600 shareholders who did not manage to sell in time," Ditu pointed out. The funds used by Precision Castparts for the purchase of the shares, according to the takeover draft, amounted to 25.64 billion lei, a value guaranteed through a banking guarantee letter by ABN Amro Bank (Romania). The American company over the following years plans to improve production capacities in order to increase output and obtain better productivity. PCC Sterom has a share capital amounting to 38.81 billion lei, divided into shares with a nominal value of 25,000 lei. The significant shareholders when the bid was launched included the American company Precision Castparts, based in Portland Oregon, with a stake of 75.819 percent of the shares and Muntenia Financial Investment Company with a stake of 19.913 percent. The company is specialised in designing, producing and trading of oil equipment, rubber technical equipment and constructions equipment. PCC Sterom shares have been traded on Rasdaq market since December 20, 1996, the reference price registered over the last trading session on Thursday, March 9, 2000, being 65,000 lei/share.
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