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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 23:07

Euromin now owns 98.96% in Latvia's Ventspils nafta holding

BC, Riga, 25.11.2015.Print version
Euromin Holdings (Cyprus) Limited (Euromin), a company of Vitol Group, has increased its stake in Latvia's Ventspils nafta holding company to 98.96% after the mandatory buyout offer, Euromin said in an announcement to "Nasdaq Riga" stock exchange, cites LETA.

Altogether, 6,109,454 Ventspils nafta shares were offered for purchase within the mandatory buyout offer, and Euromin now owns 103,395,234 shares, or a 98.96% stake in the Latvian holding company.

 

Euromin offered to buy Ventspils nafta shares for EUR 4.56 apiece.

 

Ventspils nafta has been listed on the Nasdaq Riga Main List since 1998. At the beginning of December the company's shareholders are going to decide on delisting Ventspils nafta.

 

Euromin had to make the mandatory buyout offer to other Ventspils nafta shareholders after acquiring from Latvijas Naftas tranzits a 43.25% stake in Ventspils nafta for EUR 79.98 million in September 2015, increasing its stake in Ventspils nafta to 93.24% as a result of that deal.

 

Since then, Euromin has continued to purchase Ventspils nafta shares and has made the buyout offer to the company's minority shareholders.

 

Ventspils nafta is the central holding company in a transit-oriented group whose task is to manage the investments in its subsidiaries. Ventspils nafta operates in the following areas: transshipment of crude oil and petroleum products; transport of crude oil and petroleum products by pipelines and shipping.

 

The State Police has initiated a criminal probe into possible insider trading in Ventspils nafta shares.

 

Euromin, meanwhile, has filed a lawsuit demanding EUR 10 million compensation from the Latvian Financial and Capital Market Commission in a dispute over the price Euromin was required to pay for Ventspils nafta shares. Initially, Euromin wanted to offer EUR 3.12 per share but the Financial and Capital Market Commission approved the price at EUR 4.56 per share.






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