Moroccan glass maker Societe d“Exploitation de Verreries au Maroc (SEVAM) has made a takeover bid for Tunisian glass maker Societe Tunisienne de Verreries (Sotuver) which is higher than the offer rec…
Moroccan glass maker Societe d“Exploitation de Verreries au Maroc (SEVAM) has made a takeover bid for Tunisian glass maker Societe Tunisienne de Verreries (Sotuver) which is higher than the offer received from Saint-Gobain, the Tunisian media reported on 25 September 2007. In August 2007, Saint-Gobain had almost finalised the acquisition of Sotuver, according to media reports. However, the two companies did not reach an agreement. Meanwhile, another bidder, Italian packaging and household glass producer Bormioli Luigi, joined the bidding for the Tunisian firm. Sotuver“s majority shareholder, the Chahed family, intends to sell its 60% stake in the company and is currently in talks with SEVAM, Bormioli Luigi and Saint-Gobain. Sotuver reported a net profit of TND 70,270 (USD 56,000/EUR 39,700) for the 1H of 2007, up 47.8% on the year. Its operating profit rose by 13% year-on-year to TND 1.2 million (USD 958,000/EUR 677,000) on revenue of TND 9.9 million (USD 7.9 million/EUR 5.6 million), up 23.8 % from a year earlier.