January 20 (SeeNews) - Bosnian company Spletena Lipa said on Monday it has increased its stake in local fruit and vegetable processing company Vitaminka to 76.89% from 76.64% following a buyout bid.
Spletena Lipa acquired 90,510 Vitaminka shares for 0.20 marka ($0.11/0.10 euro) each before its offer to minority shareholders expired on January 8, it said in a statement with the Banja Luka bourse.
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In July, Bosnia's competition authority approved the plan of local water bottler and beverage producer Vitinka to acquire Vitaminka for an undisclosed sum. Prior to filing for the approval, the two companies had signed a letter of intent on their mutual interest in Vitinka gaining control of Vitaminka, including in the possible establishing of a new special purpose company, the competition council said.
According to earlier media reports, Banja Luka-based Spletena Lipa is an affiliate company of Vitinka.
As of January 20, Spletena Lipa is the largest shareholder in Vitaminka, followed by SEE Investment Solutions GMBH with 15.5%, while the remainder belongs to smaller shareholders, according to data by the Banja Luka Stock Exchange.
Prior to the July acquisition, Swiss group Kreis-Industriehandel AG held a 76.6% stake in Vitaminka.
Vitinka is controlled by Banja Luka-based company Sinovi i Oci.
(1 euro = 1.95583 marka)