The state-owned KAD and SOD funds have sold their 24.32% stake in technical goods chain Merkur to retailer Tus
The state-owned KAD and SOD funds have sold their 24.32% stake in technical goods chain Merkur to retailer Tus, the CEO of Merkur Bine Kordez told STA on Thursday, 28 December.
Kordez said that Merkur was satisfied with such a development as the Celje-based retailer supports the company's strategic development plan.
The starting price was put at SIT 51,000 (EUR 212.82) per share, but Tus ended up paying SIT 71,000 (EUR 296.3) per share, which values the stake at EUR 92.2m.
The deal brought SIT 15.5bn (EUR 64.7m) for the Pension Fund Management (KAD), whereas the stake the Restitution Fund (SOD) was worth SIT 6.6bn (EUR 27.5m).
The details on the bidders for the state's share in Merkur were not made public, with the media mentioning retailers Mercator and Tus as the most likely candidates. KAD and SOD meanwhile confirmed that Mercator was the other bidder.
KAD chair Tomaz Toplak expressed satisfaction over the deal. "All the sales activities, including the auction, were carried out professionally, securing an equal and transparent treatment of all parties involved," he said.
Representatives of Mercator refused to comment on the deal as of yet.
KAD and SOD were originally to offer their stake in Merkur for sale last Thursday, 28 December, but postponed the auction until this week. The transaction is expected to be closed by 15 January.
Source: Slovenian Press Agency STA
Author: STA, Slovenian National Press Agency