Energy, EU – Baltic States, Latvia, Legislation, Oil, Transport

After the takeover, Euromin will own 104,479,519 Ventspils nafta shares, which constitute 100% of Ventspils nafta share capital and the total number of shares with voting rights, Euromin said.

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

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.