In line with the sales cooperation agreement for a 53% stake in Mercator signed by Agrokor and 12 shareholders, mostly banks, over seven months ago, the balance between a reprogramming of Mercator's loans, demanded by Agrokor, and a financial injection for the retailer, demanded by banks, was to be clear by 31 January.

Unofficially, the stakeholders will take some more time. One notable deadline is 31 March, by when the shares were planned to be transferred and when the debt moratorium agreed by banks and Mercator expires as well.

Negotiations have been ongoing since the agreement on cooperation was signed in June last year, 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 indicates banks hold the key as they are striving to secure a higher capital increase in order to reduce their exposure.