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BUCHAREST -- Romania's Borsec SA mineral water company has rejected a takeover bid by Swiss-based food giant Nestl?.
"We had several rounds of talks with Nestl?, there was even a letter of intent, but in the end we could not agree to their terms," factory manager Mihai Siller said Friday from Borsec, 350 kilometers north of Bucharest. "Besides taking over a 90-year-old licence, to which we can't possibly agree, they wanted to build an altogether new plant and abandon the one in operation."
Borsec SA is a joint stock company with the state as its majority shareholder. Its factory, which employs 250, bottles 250,000 liters of spring mineral water a day and expects to double production this year from 1993, Siller said.
Nestle Bid Foiled
26 July 1994
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