Patriciu close to acquiring Fabian entirely

Dinu Patriciu, one of Romania's wealthiest people, is one step away from entirely taking over Fabian investment fund listed on the London Stock Exchange, after Black Sea Global Properties company he controls bought or received shareholders' consent to buy 92.9% in Fabian, the company announced.

Patriciu owns 58.5% in stock, while the holders of another 17.5 million shares, accounting for 34.4% in the firm, gave their sale consent. The Romanian businessman last December launched a bid to entirely take over the British fund, at a price of 1 euro per share, valuing the company at over 50m euros.

At that time, Fabian's capitalisation was half the offer made by Patriciu, while the market value of the assets Fabian controls domestically was put at 85m euros in mid-2008. Patriciu's offer is valid until 28 January, a date by which the other shareholders of Fabian are also expected to accept the sale. Fabian investment fund currently owns stakes in 11 projects on the domestic market, in Bucharest, as well as in Timisoara, Oradea and Satu Mare.

The fund started operating domestically in 2005, particularly buying finished office buildings. Subsequently, the company expanded its field of activity, also entering partnerships for the development of some housing complexes or office buildings.

Ziarul Financiar