ECONOMY

In Brief

Sarantis acquires Romania’s Elmiplant for 6.5 mln euros Sarantis SA Management announced yesterday the acquisition of the Romanian cosmetics company Elmiplant for the sum of 6.5 million euros, within the context of its further geographical expansion and to meet its strategic goal of becoming the leading consumer product company in Eastern Europe. Elmiplant’s core business is in face-care, body-care and sun-care products, while the company also produces products for men and babies as well as hair treatment, all of which are based on natural ingredients. It employs about 90 people and plans export activities in Moldova, Canada, Japan and the USA. Croatia halts gains on currency by calling auction The Croatian central bank called an auction yesterday to buy euros from commercial banks to counter appreciation pressures on the national kuna currency. The kuna was quoted at a six-week high of 7.2965/7.3065 per euro on the open interbank market before the intervention. The appreciation pressures are due mainly to strong demand for the national currency amid increased holiday spending. This is the central bank’s fourth intervention this year. It last stepped in on October 1, when it bought 355.2 million euros from banks to cap the kuna. (Reuters) Yildiz buys Godiva Campbell Soup Co said on Thursday it agreed to sell its Godiva Chocolatier business for $850 million to Yildiz Holding AS. Yildiz is the owner of the Ulker Group, Turkey’s largest food company, and sells biscuits, chocolate and beverages. Campbell said the sale price represents a multiple of nearly 15 times earnings before interest, taxes, depreciation and appreciation (EBITDA). (Reuters) Latsis gets On EFG International, the Swiss bank for the wealthy whose biggest shareholder is Greece’s Latsis family, said it agreed to buy On Finance SA of Lugano, Switzerland, and 72 percent of A&G Group of Spain. Terms weren’t given. EFG said On Finance is a financial services boutique specializing in the origination and distribution of structured products that was founded in 2000, the company said today in an e-mailed statement from Zurich. (Bloomberg) Leu rises The Romanian leu rose to an almost three-week high against the euro yesterday as foreign investors snapped up the currency for a tender of overnight deposits with the central bank, dealers said. One of Europe’s best-performing currencies in the first half of this year, the leu has fallen steeply against the euro from a five-year high in the summer due to worries over sustainability of economy growth and a ballooning current account deficit. The leu was less volatile in December, as seasonal remittances from Romanian workers abroad prevented the unit from falling further, dealers said. «Foreigners took the leu for the central bank auction,» said one dealer with a foreign bank in Bucharest.