Swiss-based commodities trader Glencore International AG [GLEN.UL] tops a list of four companies that could be invited next week to start due diligence on Bosnian aluminium smelter Aluminij, an official said on Wednesday.
Glencore, London-listed miner Vedanta Resources (VED.L: Quote, Profile , Research), Greek metals, energy and engineering group Mytilineos (MYTr.AT: Quote, Profile , Research) and Britain's En+ Group have been shortlisted out of eight companies that sent non-binding bids for an 88 percent stake in Aluminij, the head of the Muslim-Croat federation privatisation agency said.
"They are ranked in this order and we plan to invite them next week to start due diligence," Enes Ganic, who also heads the commission for the sale of Aluminij, told Reuters.
"Each of them would have one week to do it and we expect them to submit binding offers by the end of June."
He declined to give details of the four firm's preliminary bids.
Lithuanian UKIO Bank Investment Group (UKIO.VL: Quote, Profile , Research) and Poland's Aluminium Konin-Impexmetal (IMME.WA: Quote, Profile , Research), which were not shortlisted, had jointly offered 141.5 million euros ($192.5 million) for the stake and 360.6 million in investment over five years.
The minimum price for the 88 percent stake, equally owned by the federation government and small shareholders, was 76.8 million euros. Bosnian media have reported this would rise to 200 million euros.
Ganic said the owners agreed on Tuesday on a new price expected for the equity and investment but would not disclose it. Energy Minister Vahid Heco said on Tuesday it was "around" the figure reported by the media.
Aluminij's sell-off has been delayed for two weeks because the government and Aluminij's management had proposed that all the companies be invited to place binding offers, but that was ditched on Tuesday, Ganic said.
"It would not be okay to change the terms of the tender and the government and Aluminij agreed with that," he said, adding however those who were not shortlisted could join one of the four selected bidders in the second round.
Preliminary bids from India's Hindalco Industries (HALC.BO: Quote, Profile , Research) and two consortiums were among those not selected. ($1=.7352 Euro)
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