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Home/Market News & Opportunities/Market News & Opportunities/Gazpromneft announced bid for NIS shares – EUR 4.8 per share

Gazpromneft announced bid for NIS shares – EUR 4.8 per share

The Russian company Gazpromneft announced a bid on January 30 for acquisition of 19.12% of shares of the Petroleum Industry of Serbia (NIS) from minor shareholders at the price of EUR 4.8 per share, that is, not less than RSD 506.48 per share.

Gazpromneft’s bid for shares of the Serbian oil company will be opened between January 31st and March 16th at noon, reads the ad published by the Russian company in Belgrade’s daily papers.

Three days upon expiration of the bid, pursuant to law, Gazpromneft, which already owns 51% of NIS shares, will transfer the money for the sold shares to the accounts of sellers.

The ad reads that a total number of the issued shares of NIS is 163,060,400 and that their nominal price is RSD 500, while the bidder already owns 83,160,800 common shares, that is, it has a 51% stake in NIS.

The subject of the bid are not shares in the possession of the Republic of Serbia, that is 48,719,344 shares or 29.88%, but 31,180,256 shares owned by minor shareholders.

Gazpromneft got the approval to commence the procedure of acquisition of NIS shares from the Securities Commission of Serbia on January 29, 2011.

The company will offer the price of EUR 4.8 per share or minimum RSD 506.48 per share if the value of the national currency drops in the meantime.

Citizens can place an order for sale of shares at windows in post offices and that service is free of charge, or they can trade through a broker, which will cost them a certain fee.

If minor shareholders of NIS have already placed an order for sale of shares on the Stock Exchange, they will have to withdraw it in case they want to take the offer of Gazpromneft.

Minor shareholders who decide to keep the shares of NIS will be able to sell them on the Stock Exchange even after closing of the bid of the Russian company.

About 4.8m citizens of Serbia received five NIS shares each for free. At the time, the nominal value of shares was RSD 500 per share. Former and current employees of NIS obtained a total of 4.1% shares of the company.

Source ekapija.com