German owner offers 15 cents for each outstanding AA share
AA International Aviation Holding, an affiliate of the German turnaround fund 4K Invest, acquired 96.09% in the formerly state-owned airline through a recapitalise-and-sell procedure completed in March.
It is now seeking to buy the remaining 298,702 shares in an offer valid between today and 9 May. The notice in Friday's edition of daily Delo does not state the threshold for the success of the bid.
The German fund acquired a 91.58% stake in Adria from the state-run shareholders in line with an agreement signed in January, which also envisaged a capital injection of EUR 4.1m.
EUR 3.1m in fresh capital was provided by the Slovenian state and EUR 1m by AA International Aviation Holding, which also paid EUR 100,000 to the state-owned shareholders. This means it has so far paid EUR 1.1m for Adria.
After the recapitalisation, 83.01% of the shares were transferred to the German company, but the stakes changed due to the capital hike so the German fund now owns 96.09%.