French group Lactalis submits offer for the takeover of Albalact

French group Lactalis, which also controls local dairy producer LaDorna, submitted an offer for the acquisition of the romanian diart producer Albalact.Lactalis has agreed to acquire the Albalact shares representing in aggregate 70.29% of the fully-diluted issued share capital of Albalact . 

The main shareholder of Albalact is the Ciurtin family and minority shareholder is investment fund Reconstruction Capital II Limited listed on the London Stock Exchange, which has accumulated in the last two years about 25 percent of the shares on RASDAQ through acquisitions. The closing of the transaction, and consequently the obligation of Lactalis to launch a voluntary takeover bid for the whole of the issued share capital of Albalact is subject to the fulfillment of a series of conditions precedent, including but without being limited to, favorable clearance by the Romanian Competition Council and the absence of a material adverse change, by 1 June 2016.

The offer of Lactalis was made at a price per share of RON 0.4543. This represents a premium of approximately 37% over the closing price of Albalact shares on 27 January 2016, as quoted on the Bucharest Stock Exchange. At this illustrative price per share, the value of the shares of Reconstruction Capital II Limited would be valued at RON 75.5m or EUR 16.7m based on an exchange rate of 4.5328 RON to 1 EUR announced the fund in a press release.

Based on the last quotation of it's shares, the company is valued at about 63 mil. Euro.

Lactalis is a dairy manufacturing world-leader company owning many successful international brands such as "President", "Parmalat", and "Galbani". The Lactalis group now employs 75,000 people, and owns more than 200 plants, located in 43 countries around the world. In 2015 the Lactalis Group made a turnover of € 17 billion.