The biggest transaction in the region's history completed
Sep 03, 2014
Upon expiration of the public offering to purchase remaining shares Agrokor becomes 80.75 percent owner of Mercator as of 01 September
Agrokor’s offer to purchase remaining shares of Mercator within the legal timeframe expiring on 01 September at noon was accepted by shareholders owning 27.63 percent of shares thus making Agrokor – with the earlier takeover of the majority stake – a 80.75 percent owner of Mercator. This marks a successful conclusion of the second phase in the merging of two companies with which Agrokor, as the new majority owner of Mercator, confirmed its dominant retail market position not only in Croatia and Slovenia, but in the region as well, along with its ambition for further European expansion.
Agrokor initiated the public offering on 31 July, having already reached an agreement with members of the consortium to purchase a 53.12 percent majority stake. The price of one share, pursuant to the Acquisition Act, remained the same as during the purchase of the first, majority package for which Agrokor paid EUR 86.
Upon conclusion of the offer to take over a majority of the remaining shares, Mr. Ivica Todorić,President of the Agrokor Group, stated that this marked the “completion of the biggest transaction in the history of the region” and added: “With this historic transaction we will begin creating new values for all consumers, additional security for our employees and will initiate further economic development in the region, strengthen the markets for our suppliers and eventually significantly increase employment. After the completion of this public offering, the owners and boards of our Companies, along with their management and employees are moving forward to execute a decisive strategy and vision aimed at creating the region's leading and economically most successful retail companies. This transaction is a token of success that will lead to new values.”
Agrokor will pay the minority shareholders the purchase price within eight days after the Securities Market Agency confirms that the offer was successful. At the end of July, Agrokor made the agreed payment of EUR 172 million to the consortium of banks and corporation of Pivovarna Laško for a 53.12 percent stake of Mercator.