Croatia's Adria Resorts merges into Adris Grupa

The contract for the merger was signed on September 10, Adris Grupa said in a filing with the Zagreb Stock Exchange (ZSE) on Tuesday.

Adris added that since it is the sole owner of Adria Resorts, the law does not oblige it to convene a meeting of its shareholders on the issue.

Still, any Adris Grupa shareholders whose combined stakes reach at least 20% of the group's share capital, can request the Adris management by October 10 to convene a shareholders' meeting in order to approve the merger contract.

Croatian national Ante Vlahovic is the largest single shareholder in Adris Grupa with a 17.17% stake, followed by the owner of a custodian account in Zagrebacka Banka controlling 10.91%. The remainder belongs to smaller shareholders, bourse data showed on Wednesday.

Adris Grupa's shares closed unchanged at 540 kuna ($81/73 euro) on the ZSE on Tuesday. The shares did not trade by 0902 CET on Wednesday.

(1 euro = 7.39595 kuna)