SIJ did not say how much it plans to offer for the shares of Holding PMP, which controls 10% of Perutnina Ptuj, in an announcement on Friday. The takeover bid is to follow in 10 to 30 days.

The Russian-owned group acquired 46% in Perutnina Ptuj, the country's largest meat-processing group, by completing a EUR 40m capital injection at the end of October.

By acquiring Holding PMP, it would increase its interest to 56%. It would then also have to implement its announcement and publish a takeover bid for the remaining shares of Perutnina Ptuj as well.

Friday's edition of the daily Večer cites speculations SIJ could offer EUR 100 per share for Holding PMP, which would value the takeover at EUR 7.69m if all 31 shareholders accepted the bid.

As the shareholders of 56% of the holding, four members of the Perutnina board would get EUR 4.32m between them.

The EUR 40m recapitalisation of Perutnina Ptuj by SIJ was endorsed at the shareholders' meeting in August with minor shareholders wondering whether Perutnina managers had secured a better price from other shareholders, an allegation that the managers rejected.