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PSzÁF suspends Globus buyout offer

The State Financial Supervisory Authority (PSzÁF) announced on Thursday it has suspended its approval of a buyout offer for canning company Globus Zrt. PSzÁF spokesman István Binder said the authority is investigating the buyout offer, but declined to offer any further details. He added, however, that the inquiry could be closed much sooner than the 90-day deadline stipulated by law.

 

Asked whether PSzÁF is investigating fluctuations in Globus's share price preceding the bid, Binder said that the fact an investigation is underway does not automatically mean the authority has found something wrong. The investigation aims to find whether there have been any irregularities, he said. French agri-food group Centrale Cooperative Agricole Bretonne (CECAB) announced on February 24 a public purchase offer for all outstanding shares of Globus for a price of Ft 460 per share, a 31% premium over the minimum price required by the Budapest Stock Exchange (BÉT). CECAB must acquire 51% of the shares for the offer to be valid. At the same time, CECAB said it had signed an agreement with Globus's biggest owners to acquire all of the remaining shares after the buyout offer closes.