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Batagon raises further price offer for Serbia's FAS - report

Batagon raises further price offer for Serbia's FAS - report wavebreakmedia/Shutterstock.com

BELGRADE (Serbia), November 14 (SeeNews) - Switzerland-based Batagon International has increased the price it is offering for Serbian insolvent car battery maker Fabrika Akumulatora Sombor (FAS) to 7.35 million euro ($8.64 million) from 7 million euro, Serbian media reported.

Representatives of the Swiss company participated in a phone conference with the creditors of FAS and explained that this is their final proposal, news portal SoInfo quoted the insolvency administrator of FAS, Predrag Ljubovic, as saying on Monday.

Earlier this month, three members of the creditors' board of FAS rejected an improved 7 million euro acquisition offer made by Batagon. The creditors of FAS had earlier rejected three offers made by Batagon International for the assets of the insolvent company. Batagon International originally offered 3 million euro for FAS in July and then sweetened their bid to 4 million euro. In August, the creditors rejected a 5.05 million euro offer and Batagon International increased the price to 6 million euro.

In May 2014, the Serbian government agreed to sell FAS to Greek company DEM Hellas owned by entrepreneur Eftimios Karanasios. However, DEM Hellas did not meet its contractual obligations and the Serbian government called a new tender for the sale of FAS in October 2016. The tender attracted no bids.

($ = 0.851021 euro)

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