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Dutch investors in talks to acquire Latvijas Finieris shares 04.12.2011

The Dutch investor BGF.BV, which announced in autumn that it was willing to acquire shares of the plywood manufacturer AS Latvijas Finieris, is already conducting talks with 5-10% of the company’s shareholders.

BGF.BV has divided Latvijas Finieris shareholders into three groups. First, there are those that will no way sell their shares. Second, there are shareholders that could mull over such a possibility and, third, there are also shareholders which have nearly signed an agreement, says Ieva Kustova, BGF.BV representative in Latvia.

“Investors by no means have dropped the idea, however, no agreements have yet been sealed,” she says.

Kustova adds that the global economic situation and its impact on the wood processing sector has made BGF.BV to mull over decreasing the price offered for the shares. For the time being, the price for the first hundred of shares with voting rights accounts for 15 000 lats.

Latvijas Finieris representative Jolanta Medne points out that the Dutch investor has not yet contacted the management of the company.

Considering that Latvijas Finieris is a closed joint-stock company, the potential buyer of the shares has to contact the management of the company. If some shares are sold, the pre-emptive rights will be taken over by some other shareholder, including the state-owned company Latvian State Forests.

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