Investment fund Reconstruction Capital II, which held a stake of 25% in the local dairy producer Albalact, wants to return some EUR 17 million to the fund’s shareholders.

The fund will issue new shares from the capital obtained following the exit from Albalact, which it will then buy back to avoid paying dividend tax.

The amount distributed to the shareholders represent about 85% of the funds received from French group Lactalis, for its stake in Albalact. The final decision on this operation will be taken by the fund’s shareholders in a meeting which is held on February 23.

French group Lactalis took over Albalact, the biggest Romanian dairy producer, following a EUR 75 million public offer finalized last year. Before the acquisition, Albalact was controlled by the Ciurtin family and the investment fund RC2.

editor@romania-insider.com