State makes public takeover bid for Rába
The Hungarian National Asset Management Company (MNV) on Monday made a public takeover bid for vehicle and vehicle parts maker Rába at a price of HUF 815 per share, Rába said.
The state of Hungary holds 16.15% of Rába at present through different funds, companies and organisations.
The offer must still be approved by financial market regulator PSZÁF.
Trade in shares of Rába has been suspended since Wednesday. The share last traded at HUF 621. The 180-day average price for the share was HUF 669, the latest data posted on the bourse’s website shows.
The National Development Ministry and MNV said in a statement after the announcement of the purchase offer that the government wants to strengthen the state’s role in the automotive industry. A majority state-owned stake in the company would ensure that national economic and geopolitical considerations are taken into account in the implementation of a long-term, forward-looking business development strategy for Rába, they added.
MNV submitted the purchase offer to PSZÁF on November 7. The watchdog has ten days to take a decision on the offer.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.