Ford Motor Company managed to buy only 0.33% of Automobile Craiova shares after it made a public offer to the Romanian company, increasing its participation to 97%, according to NewsIn. The American company paid 1.11 million lei for 63,123 out of 619,000 titles owned by a minority of share holders.
One share was sold for 17.65 lei. The offer of buying Automobile Craiova (AUCS) lasted from June 22 to August 11 and aimed to list off the company.
During the second half of the previous month, Adrian Andrici contested the Ford's offer to buy Automobile Craiova, claiming that the Romanian National Securities Commission (CNVM) approving it constitutes a fraud, because it eludes the contract that allows the company to become private.
The Romanian investor considers that CMV approving the offer crosses the minor share holders rights by trying to eliminate them before the interfacing actives are eliminated and before the compulsory Automobile Craiova - Mecatim - Ford Romania fusion, as the contract reads.
The Romanian National Securities Commission rejected his request, explaining that the American company fulfilled all the requirements from the contract. Previous to the offer, Ford Motor Company owned 96.73% of Automobile Craiova's social capital, after SIF Oltenia sold its 22.56% share for 75 million lei in April to the American company.
Automobile Craiova has a 39.78 million lei social capital, divided in 18.94 million titles, with a nominal value of 2.1o lei.