Feb 22 (Reuters) - Finland's Financial Supervisory Authority said on Thursday it had obliged Croatian investor Danko Koncar to launch a takeover bid for the Finnish metal producer Afarak .
* Koncar, Afarak's chief operating officer, is supposed to publish a bid within a month from the decision
* Koncar is the general director of investing company Kermas Limited, which became Afarak's biggest shareholder in 2009-2014
* According to the watchdog, Koncar cooperated with investors such as Hino Resources Co. Ltd and Finaline Business Limited to gain control of Afarak
* The watchdog says the bid must be at least 2.50 euros per share
* In case the obligation is not fulfilled, Koncar is obliged to pay a fine of 40 million euros and a supplementary amount of 10 million euros for each consecutive month
* Kermas will be appealing to the decision, Afarak says
* Afarak, previously known as Ruukki Group, is in the process of being delisted from Nasdaq Helsinki Stock Exchange
* Shares in Afarak rise 16 percent by 1423 GMT
(Reporting by Boleslaw Lasocki, editing by Jussi Rosendahl and Adrian Croft)
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