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Headlines > Market Trends

Greeks bid for Hungarian retail

06-Sep-2001

Athina Kft, a Hungarian-registered company owned by two Greek private investors, on Wednesday made a counteroffer for Hungarian retail group Skala-Coop Rt, topping a July bid by asset management firm Callum, Reuters reports.

 

 

 

"The bidder wants to acquire a direct controlling stake in the company," Athina said in a statement in the bourse newsletter.

 

 

 

Athina said it would pay 1,300 forints per share for the 6,368,829 outstanding ordinary shares, and 16,800 forints per share for 8,343 interest-bearing shares in Skala.

 

 

 

This price is higher than the price offered by Hungarian asset management firm Callum Vagyonkezelo Rt in a public bid on July 13.

 

 

 

Callum, which holds a 32.6 percent stake in Skala, offered 1,200 forints for ordinary shares and 16,000 forints for interest bearing shares. Athina Kft is 95 per cent-owned by Greek private investor Choumbavlis Christos, who also holds a 21.8 percent stake in Skala.

 

 

 

The counteroffer is valid from September 21 until November 5. Callum's offer runs from July 30 until September 16. Athina said it planned to delist Skala. Skala trades in the B category of shares on the Budapest Stock Exchange. On Tuesday it closed at 1,450 forints.