Croatian conglomerate Agrokor have secured financing for the takeover of Slovenian supermarket chain Mercator, according to a report in Tuesday's edition of the Slovenian business daily Finance.
According to the Finance report, the bulk of the €549 million-transaction will be bankrolled by VTB, a Russian bank, which is expected to provide €350 million.
After a considerably long and drawn out process, the deal appears to be in its final stages after Agrokor's princial shareholder, the Pivovarna Union, gave its green light to the transaction.
If the deal, which must was be completed by 30 June, is finalised, then Agrokor will have a 53% stake in Mercator.
The price agreed is €86 per share, which means €11 per share over their market value, but €25 per share less than Agrokor's initial offer in 2013.
The price for the sale was reduced under a new agreement signed a few months ago stipulating Agrokor will have to pay for the acquisition and for a €225 million recapitalisation of Mercator.
© 2014 - European Supermarket Magazine by Enda Dowling
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