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Take Over Is Worth At Least 12 Billion Tolars The purchase of the controlling stake in Lesnina (Slovenia's biggest furniture company) will not be cheap due to the company's positive business outlook, its strong position in the domestic market and the possibilities of growth in the Croatian market. It is not clear whether the owners have managed to agree on the price they want for the company. When this article was written Lesnina's share price on the Ljubljana Stock Exchange stood at 160 thousand tolars (680 Euro). To purchase all of Lesnina's shares, at this price, would bring a price tag of more than 12 billion tolars. Papic: Owners Should Wait Bojan Papic expressed surprise about the owners' intention to hold an auction, because, in his opinion, they had not reached a sufficient agreement and consensus regarding the take over. Further he estimates that the time to sell is not appropriate because of the recent positive business outlook and increased business opportunities. In an interview in Finance he stated: "Lesnina is in a different position than for example Zivila (taken over by Mercator) was. In the domestic market we are the biggest furniture trading company and we have real opportunities for growth in the Croatian market, and later on in the Serbian market as well. I also think that the sale should not have been announced before a clear intention for purchase was expressed... [and] we haven't received a serious offer yet." Last Year Lesnina Recorded 17 Per Cent Profitability Lesnina's annual report reveals that the company is performing well. Last year they profits were equal to 17 per cent of capital. The added value per employee was 62 thousand Euros, compared to an average of about 20 thousand euros for other Slovenian trading companies. In June of this year the company opened a trading center in Split, Croatia, and expect one third of all income to come from Croatia. With the opening of the new trade centers in Croatia income is expected to grow by up to 50 per cent until 2005. In the domestic market Lesnina has 24 stores and around 30 per cent market share. However net profit this year is expected to be lower than the previous year due to an inability to claim income tax relief for investments made on foreign markets.