Bulgaria's Monbat Backs Away from Acquisition of L'Accumulateur Tunisien Assad

Bulgaria's Monbat Backs Away from Acquisition of L'Accumulateur Tunisien Assad

Bulgarian battery manufacturer Monbat [BUL:5MB] said on Wednesday that it has decided not to pursue the acquisition of a majority stake in Tunisian peer L'Accumulateur Tunisien Assad. "In the course of the final stage of the due diligence process of L’accumulateur Tunisiene Assad there were subsequent matters disclosed which are challenging the originally expected value creation and are increasing the level of enterprise risk for Monbat," the company said in a bourse filing. Monbat will focus on other projects in its current pipeline, which provide the best match between return and operational risk, the company noted. As at 11:15 CET on Wednesday, Monbat shares traded unchanged at 4.05 levs ($2.43/2.07 euro) on the Bulgarian Stock Exchange. Monbat operates four plants for manufacturing and recycling of lead-acid batteries, diodes and light-emitting diode luminaires.L'Accumulateur Tunisien Assad specialises in designing, manufacturing, distributing and recycling of lead storage batteries. The company has two factories in Tunisia employing more than 750 people.(1 euro = 1.95583 levs)

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