May 10 (SeeNews) - Croatia's financial regulator HANFA has granted permission to diversified conglomerate Adris Grupa [ZSE:ADRS] to launch a buyout bid for catering and tourism company HUP-Zagreb, Adris said.
Adris is obliged to launch the buyout bid after it indirectly gained a 58.6% stake in HUP, by acquiring a 77.78% stake in Zagreb-based Expertus, it said in a Zagreb bourse filing on Wednesday.
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The conglomerate is offering to pay 3,969.16 kuna ($637.9/537.4 euro) per share for the shares it does not yet own in HUP.
Adris and Expertus will approach the buyout together.
Adris said earlier that the acquisition will allow it to expand its footprint in tourism. It will take under its control hotels in the most attractive tourist destinations in Croatia - Rovinj, Dubrovnik and Zagreb.
Adris runs a tourism business, an insurance arm and a fish farm.
(1 euro=7.38970 kuna)