13 offers for purchase of state-owned stake in Koncar-EI

The Restructuring and Sale Centre (CERP) stated on Tuesday that it had received 13 binding offers by noon on 31 May for the purchase of the 20.49% state-owned stake in Koncar Electrical Industries.

The interest shown exceeds the number of shares offered for sale, given that offers have been made for 757,780 shares, while CERP put on sale a total of 526,926 shares, which make up the 20.49% state-owned portion of the equity of this Zagreb-based company.

The lower limit for the purchase is 15,000 shares or 0.59% of the equity, according to a press release issued on May 23 on the CERP website and in the daily newspapers.

The starting price is 670 kuna per share in a package of shares.

The CERP stopped short of identifying the bidders interested in Koncar-EI shares. Ownership of the offered shares may be obtained by domestic and foreign legal and natural persons in accordance with the Croatian law.

The centre noted that no offer was made on a "fill or kill" basis.

Some 300 members of the Croatian Metal Workers' Union gathered outside the government headquarters in Zagreb on Tuesday for a protest against "privatising Koncar at any cost."

The protesters want Koncar Electrical Industries to be put back on the list of companies of special importance for the state, and the call for the expression of interest and submission of binding bids for the purchase of its shares, owned by the state and the Croatian Pension Insurance Institute, to be annulled.

Last update: Tue, 31/05/2016 - 18:24

More from Business

Croatian inventors win 11 medals at London show

Six Croatian inventors and entrepreneurs won 11 medals at the British Invention Show (BIS), with Tomislav Bronzin of...

AT&T tops Bayer: the five biggest mega deals of 2016

With AT&T's offer worth over 100 billion dollars for media giant Time Warner, the US telecom firm has surpassed...

AT&T to buy Time Warner in 85.4-billion-dollar deal

Telecommunications giant AT&T on Saturday said it would buy entertainment group Time Warner in a deal worth 85.4...

AT&T agrees to buy Time Warner, reports say

Telecommunications giant AT&T has agreed to buy media conglomerate Time Warner in a deal worth 80 billion...

Bombardier announces 7,500 job cuts as part of restructuring

Canadian aircraft and train manufacturer Bombardier will cut a further 7,500 jobs as part of its ongoing...