Lactalis commits to pay 75 million euros for Albalact | Progresiv
Lactalis has formally launched the public takeover bid for Albalact, according to an announcement posted on July 28 on the Bucharest Stock Exchange website. If this is accepted by all shareholders of Albalact, the French group will pay 334.2 million lei (74.91 million euros) for approximately 97.5% of the Romanian dairy producer’s shares. 
According to the documents published on the website, in this transaction the management of Albalact could receive about 600,000 euros (2.7 million euros) if they exercise the option to buy shares in the company and if they decide later to sell them to Lactalis for the takeover bid price.
The announcement of Albalact’s sale to Lactalis Group emerged early this year.
Albalact is currently the largest Romanian dairy producer, with a turnover of 452 million lei (about 100 million euros) and a net profit of 14.87 million lei in 2015.
Established in 1971, the company was converted into a joint stock company in 1990 and privatized in 1999. The majority shareholders are spouses Raul and Lorena Ciurtin. Raul Ciurtin is currently the President of the company’s Board.
Lactalis is the largest French producer of dairy products, with international business. It owns more than 200 factories in 43 countries and currently employs 75,000 people. In 2015, Lactalis had a turnover of 17 billion euros.
