BA Vidro publishes buyout bid for Bulgaria’s Drujba Glassworks

The publication of a buyout offer by Bareck Overseas, a wholly owned subsidiary of Portugal's BA Vidro, for the remaining 0.20% stake in Drujba Glassworks, has been cleared by Bulgaria's financial regulator.

Bulgaria's financial regulator has cleared the publication of a buyout offer by Bareck Overseas, a wholly owned subsidiary of Portugal's BA Vidro, for the remaining 0.20% stake in Drujba Glassworks, which BA Vidro does not already own directly or indirectly.

The buyout bid for the 108,805 shares the company wants to acquire is priced at BGN 6.118 (USD 3.7/3.1 EUR) per share, the Financial Supervision Commission said in a statement last week.

In June, Bareck Overseas acquired 286,817 Drujba Glassworks shares for BGN 1.75 million in a buyout bid.

In October 2016, Greek glassmaker Yioula agreed to sell its Bulgarian unit Drujba Glassworks to BA Vidro as part of a wider divestment plan that also includes the group's glass container business in Romania.

Drujba Glassworks has two glass container plants - in Sofia and Plovdiv.