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Nov 10, 2017 12:29 EEST
November 10 (SeeNews) - Swiss-based Batagon International has not abandoned its plan to buy Serbia's insolvent car battery maker Fabrika Akumulatora Sombor (FAS) after the creditors rejected its latest 7 million euro ($8.14 million) offer, Serbian media reported.
Batagon has requested a meeting with the creditors of FAS and wishes to continue the talks for the acquisition of the company, Sombor-based news portal SoInfo quoted the insolvency administrator of FAS, Predrag Ljubovic, as saying on Thursday.
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Earlier this month, three members of the creditors' board of FAS rejected an improved 7 million euro acquisition offer made by Batagon. Before that, the creditors of FAS had already rejected three offers made by Batagon International for the assets of the insolvent company. Batagon International originally offered 3 million euro for FAS in July and then sweetened their bid to 4 million euro. In August, the creditors rejected a 5.05 million euro offer and Batagon International increased the price to 6 million euro.
In May 2014, the Serbian government agreed to sell FAS to Greek company DEM Hellas owned by entrepreneur Eftimios Karanasios. However, DEM Hellas did not meet its contractual obligations and the Serbian government called a new tender for the sale of FAS in October 2016. The tender attracted no bids.
($ = 0.859509 euro)
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