Greek particleboard manufacturer and processor Shelman SA (Shelman Swiss Hellenic Wood Product Manufacturers SA) has been taken over by Greece’s Alfa Wood SA, whose main shareholder is Mr Antonis Adamopoulos.

The main shareholder of Shelman, Mr Panagiotis Iliadis, announced on December 2, 2009 that Shelman had sold 25,365,386 shares to Alfa Wood.

This represents 72.09% of the voting rights of the group of companies, according to a press release by Shelman. The deal was valued at €11m.

Alfa Wood is a furniture manufacturing company and also has an MDF line in Grevena in Greece and particleboard production in Bulgaria, at the former Ticha company premises in Varna.

Because both Alfa Wood and Shelman are involved in the field of wood processing, theproposed takeover was referred to the Hellenic Competition Commission and approved on January 11, 2010.

The newly-created company will carry the combined debts of its constituent companies, amounting to some €150m, but has the backing of the banks.