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Public bid for Pannunion shares nearly concluded

All conditions have been met for the closure of a public purchase bid made for the shares of Pannunion, Pannunion said on the Budapest Stock Exchange website late on Thursday.

The competition office gave its approval on October 13, 2011, to Pannunity, an associated business of Sun Capital Partners, obtaining control over Pannunion, the statement said.

Accordingly, the public bid takes effect on October 13.

PannErgy and PannUnion announced on May 16 that Pannunity has made a public bid at HUF 210.32 per share for the shares of PannUnion, and PannErgy is to sell all of its PannUnion shares, representing a 95.3% stake in the company.

Pannunity earlier said it would exercise its purchase right after the competition office procedures have been closed.

The company said earlier this week that the competition offices of three other countries affected had given go-ahead to the transaction.

Pannunion shares are traded in category "B" of the Budapest Stock Exchange.