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Slovenia Business Week no. 03/2005: Istrabenz Offer for Takeover of Kolinska Expires

The energy and tourism holding already acquired over half of Kolinska until 12 January

Istrabenz's offer for the acquisition of food company Kolinska expired at noon on Friday, 14 January. The energy and tourism holding already acquired over half of Kolinska until 12 January and looks set to raise its ownership stake to over 85 percent.

All major Kolinska shareholders accepted the offer to sell at SIT 6,500 (EUR 27.11) per share, which values the food company at SIT 20.6bn (EUR 85.91m).

The last major owners to do so were the state-owned Pension Fund Management (KAD) and Restitution Fund (SOD), which hold 11.56 and 106 percent, respectively.

The takeover had previously been given approval by the management board of Kolinska. Moreover, its members are among the many small shareholders who have already sold their shares to Istrabenz.

Istrabenz CEO Igor Bavcar has said that the takeover will be a step forward in the company's bid to consolidate Slovenia's food-processing industry. -

Istrabenz also owns a share in Droga, another Slovenian food company, which is planning to merge with Kolinska. At last count that stake was around 6 percent.

Source: Slovene Press Agency STA

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