MG Baltic ups stake in Elta

  • 2005-07-16
VILNIUS - The MG Baltic concern has increased its stake in the Elta news agency to 57.93 percent, just days after a company related to the Respublika tabloid purchased a 40 percent stake at a government auction.

MG Baltic, the country's leading private-equity concern, bought a 6.75 stake from Achema, an industrial group, and some shares from small investors, Raimondas Kurlianskis, MG Baltic vice-president, said.

"The agreement with Achema Group was signed on June 10, and the transaction was closed on Thursday as we finally settled the payment for the shares," he told the Baltic News Service.

Vitas Tomkus, publisher of the Respublika group, which has the second largest share of Lithuania's advertising market, said earlier this week that the group was interested in obtaining a majority stake in Elta.

The Respublika-related company outbid MG Baltic 6.66 million litas to 2.26 million litas at the July 12 auction for the state's 39.51 percent in the news agency.