It is not expected that a final sales agreement will be sealed Friday as unofficial information in the media suggests all stakeholders will take some more time.

Agrokor signed the sales agreement for a 53% stake in Mercator with 12 shareholders, mostly banks, over seven months ago.

Negotiations have been ongoing since but there have been no official disclosures by either side, only occasional leaks to the media.

Media thus reported in early January that Agrokor had reduced its original offer from EUR 120 per share to EUR 80 plus a capital increase on the order of 150-225 million euros in order to appease creditors.

At the end of the year the company had financial liabilities in excess of EUR 1bn and and over EUR 700m in operating liabilities (mostly debt to suppliers).

Information available to the STA indicates banks hold the key as they are striving to secure a higher capital increase in order to reduce their exposure.

However, even banks are not all on the same side, as some are in the dual role of sellers and creditors.

In the event Agrokor does not agree with the terms of the banks, it will be liable for a rescission fee equalling 7.5% of the offered price, about EUR 18m.

That liability would be waived if the creditors insist on a capital increase or third-party financial support.