September 17 (SeeNews) - Croatian car parts and accessories distributor CIAK Grupa d.d. [ZSE:CIAK] said on Friday it has initiated a procedure for the potential takeover of Bosnian car parts wholesaler and retailer Auto Milovanovic.
The success of the procedure depends on the fulfilment of many conditions and needs the approval of Bosnian regulatory bodies, CIAK said in a filing to the Zagreb bourse.
You can subscribe to our M&A newsletter here
Banja Luka-based Auto Milovanovic has some 220 employees, according to the company's website. CIAK's main line of business is distribution of car parts, car batteries and motor oils; waste management and recycling; and wholesale.
CIAK's shares last traded on the Zagreb bourse on September 14, closing flat at 42.60 kuna ($6.7/5.7 euro).
(1 euro = 7.508 kuna)