The Slovenia Times

Laško Supervisors Approve Mercator Sale


The supervisors of Laško endorsed the sale of the 8.43% stake under the latest terms and the supervisors of brewer Pivovarna Union gave their stamp of approval for the sale of Union's 12.33% in Mercator after the board of mineral water maker Radenska approved the sale of 2.57% on Tuesday.

Under its internal rules, Pivovarna Union needs to get the go-ahead from the shareholders to sell the stake in Slovenia's largest grocer to Agrokor. The supervisory board of Laško agreed that the company as majority owner of Union vote for the sale at the general meeting, a press release from Laško said.

The release said the supervisors expected all participants in the process to sell a combined 53% stake in Mercator to Agrokor to display "maximum diligence with a view to respecting the contractual deadlines for the completion of the sale procedure".

Laško is selling its share in Mercator as part of a consortium of mostly banks, which last month signed an annex to the sales agreement with Agrokor to extend the deadline for the execution of the deal to 30 June and lower the price to EUR 86 per share, from EUR 120 agreed in June 2013.

If Mercator is sold at the latest price, the Laško group would only net EUR 75m from the deal.

Unofficial information cited by the business daily Finance says that Agrokor also agreed to supply EUR 225m in capital to Mercator, EUR 200m of which would go to creditor banks.

The banks meanwhile agreed to contribute EUR 100m in loans to stabilise Mercator's finances. The retailer owes EUR 1bn in debt.

According to Finance, the supervisory board of Slovenia's second bank, NKBM, has already approved on Monday the sale of the bank's 5.24% stake in Mercator.


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