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Czech regulator clears ECM takeover offer

Thu Nov 13, 2008 5:34am EST

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PRAGUE, Nov 13 (Reuters) - The Czech central bank gave the go-ahead on Thursday for the closely-held ECM Group to launch a bid to take private its listed affiliate, ECM Real Estate Investments (ECMPsp.PR), which it had floated in 2006.

ECM Group, which owns 30 percent of the firm and is controlled by its founder Milan Janku, said last month it planned to offer 303 crowns ($15.09) per share in a bid aimed to help focus the company on long term targets in the face of volatile markets and tighter financing.

The stock traded at 292 crowns on Thursday, down 76 percent this year and underperforming the PX .PX Prague market index which has lost 55 percent. (Reporting by Jana Mlcochova; Editing by Greg Mahlich)



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