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ZAGREB (Croatia), February 12 (SeeNews) - Croatian hotel operator Valamar Riviera [ZSE:RIVP] said on Monday its bid for a 55.48% stake in local peer Hoteli Makarska has been approved by the country's center for enterprise restructuring and privatisation, CERP.
Valamar made the bid jointly with pension fund manager Allianz ZB, with the two offering to pay 172.7 million kuna ($28.4 million/23.2 million euro) for the majority stake, the company said in a Zagreb bourse filing.
Following the transaction, Valamar and Allianz ZB will jointly launch a buyout bid for the remaining shares in Hoteli Makarska, in accordance with the legal procedure.
The Valamar group runs hotels, apartment villages and campsites in Istria, in Dubrovnik and on the Adriatic islands of Krk and Pag.