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Pauwels submits bid for Transelektro

Pauwels International N.V., the Belgian subsidiary of Indian Compton Graves International, has submitted a bid to buy the shares of Ganz Transelektro Zrt, daily Népszabadság said. Transelektro’s owners and lenders are due to meet today to take a decision if they accept the bid. Transelektro’s general assembly will convene tomorrow. The new owner would also buy Transelektro’s machine factory in Tápiószele, central Hungary, which employs 96 people, but according to press information, PI would sell the factory on. The refusal of Pauwels’ offer will make it inevitable to liquidate Transelektro, Népszabadság said.