Fortenova publishes takeover bid for remaining Mercator shares

Ljubljana – Fortenova, a group based in Croatia’s Zagreb, published on Wednesday a takeover bid for the remaining 724,764 shares of Slovenian retail group Mercator it does not already own. It is offering to pay EUR 36 per share in cash.

The bid is open for 29 days, that is until 23 June, unless it is extended, the group said in the Slovenian newspaper Delo on Wednesday.

Given that its Mercator share already exceeds 50% of all shares with voting rights, the Croatian group did not state a threshold for the takeover bid to succeed.

At the end of April, Fortenova assumed an 88.1% share of Mercator from its bankrupt Croatian predecessor Agrokor.

The move ended a lengthy procedure of the transfer of Mercator shares from Agrokor, which acquired Slovenia’s largest retailer in 2014.

Senior managers of both Mercator and Fortenova labelled it the start of a new era and an opportunity for all stakeholders.

Similarly, Slovenian Economy Minister Zdravko Počivalšek, initially reserved about the transfer, said it was in the interest of Slovenia and the Slovenian economy.