ROMBAT SA Acquired

Dutch company Metair International Holdings Coöperatief U.A., part of the South-African Group Metair Investment Limited has acquired leading car battery manufacturer in Romania, ROMBAT SA, has a new majority shareholder.

Theo Loock, Managing Director of Metair, stated: “Our investment in Rombat shows our confidence in Romania as country, Rombat as a business and the people in Rombat. We are proud to be the new shareholder in Rombat and now look forward to create a long and sustainable future for the business.” The Sellers were represented by Veldtster Management & Consulting (financial) and CMS Cameron McKenna LLP (legal).

The Veldtster team was led by Stefan Bucataru, whereas the legal team was led by John Faurescu of CMS Cameron McKenna LLP.”

Mr. Bucataru had the following comments in respect of the transaction: “We are particularly pleased to have facilitated a transaction with significant strategic potential for both the companies involved. The European automotive industry is leading the global drive towards greener solutions and lower emission engines. The combination between Metair’s technological expertise and Rombat’s efficient operations and well established position within the European battery market is set to generate operational synergies and ultimately create substantial shareholder value. The complexities and challenges of this deal, generated mainly by the numerous stakeholders involved and their diverse backgrounds in terms of m&a market practices and legal requirements, tested our abilities as negotiators and mediators.”

Mr. Faurescu had the following comments in respect of the legal challenges: “Whenever a foreign strategic investor comes to Romania, the local legal team has a dual role: one is, as expected, to get the best possible deal for their client, but more importantly to assist the opposing party in obtaining a clear, concise and consistent view of the legal framework in Romania, which may be substantially different from the investor’s expectations, particularly if the investor is from outside of the European Union. In the case of Rombat, not only was the foreign investor new to the Romanian legal framework, but was also engaging for the first time in a cross-border acquisition. We are very happy to have been involved in the transaction and extend our appreciation to Veldtster, as well as to our opposing counsel, David & Baias (Romanian legal advisors to Metair) and Tabacks (South African legal advisors to Metair).”