The takeover bid, which had no success threshold set, draw to a close on Tuesday, a press release published in Thursday' edition of the daily Dnevnik said.

Andlinger & Company became the owner of Eti in November through its fuse maker Fuse, when it paid EUR 22.38m for a 81.65% stake and a 7.85% share purchase option in Eti.

In December, the new owners appointed a new supervisory board chaired by Ernst Reichmayr and decided to stop paying out dividends to avoid weakening the company.

Eti estimated in December that the group's revenue in 2016 would reach EUR 105m and net profit some EUR 3m.