October 20 (SeeNews) - Croatian diversified conglomerate Adris Grupa [ZSE:ADRS-R-A] said on Tuesday that the president of its managing board, Ante Vlahovic, has declined to meet with Czech-Slovak investment fund J&T amid media reports that the fund is mulling a hostile takeover of the Croatian group.
Vlahovic has declined to meet with J&T representatives while they are on a planned visit to Rovinj, suggesting instead that they schedule a meeting with the company’s executive directors, Adris Grupa said in a filing with the Zagreb bourse, decling to comment on the media reports.
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Vlahovic is Adris Grupa's biggest single shareholder with a 20.39% stake, data of the Zagreb bourse indicated.
Later in the day, J&T told SeeNews in an email "at the moment we have made only preliminary contacts with Adris Group, so we will be able to inform the public about all details of potenitally possible cooperation when the necessary conditions will be created."
On Monday, local newspaper Glas Istre reported that J&T intends to buy Adris shares to gain managing control of the Croatian company which recently pocketed 550 million euro ($624.1 million) from the sale of its tobacco unit to British American Tobacco.
A total of 35,000 preferred Adris Grupa shares changed hands in a block transaction on the Zagreb bourse on Tuesday. The shares were traded at an average price of 361.86 kuna apiece, generating a turnover of 12.7 million kuna. A further 15,113 preferred shares of the company changed hands in regular trading at an average price of 360.7 kuna. The stock closed up 1.13% at 358.11 kuna. The regular shares of Adris Grupa rose 3.41% to 515 kuna in a volume of 971 units.
Adris Grupa now spans tourism, real estate, fish farming and insurance.
($=0.8837 euro)