The bulk of the EUR 549m transaction will be bankrolled by VTB, a Russian bank, which is expected to provide EUR 350m.

The European Bank for Reconstruction and Development (EBRD) is to secure up to EUR 100m, with the rest coming from Agrokor shareholders and own funds, the paper reports.

Agrokor is expected to merge Mercator with its Croatian and Serbian retail arms, Konzum and Idea, into Adria Retail.

Agrokor will be the majority owner of Adria Retail with principal financiers retaining minority interests, according to Finance.

Agrokor will pay EUR 86m per share for a 53% stake in Mercator, valuing the entire company at EUR 324m, and secure a EUR 225m capital increase to pay down debt to banks.

Despite lingering uncertainty, the news appears to suggest that the deal will go through.

Agrokor has already secured approval from competition authorities in all markets bar Bosnia, and the major shareholders have endorsed the bid.

The latest endorsement came on Tuesday from Slovenian brewer Pivovarna Union, a member of the Pivovarna Laško group, which owns a 12.33% stake in Mercator.

Agrokor has until 30 June to close the transaction.