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Croatia's Gitone Adriatic gets nod by financial watchdog for LRH takeover bid

Croatia's Gitone Adriatic gets nod by financial watchdog for LRH takeover bid Photo: All Rights Reserved

ZAGREB (Croatia) October 7 (SeeNews) - The Croatian financial regulator, HANFA, has given the green light to Zagreb-based Gitone Adriatic to launch a takeover bid for the remaining 46% of Opatija-based hotel operator Liburnia Riviera Hoteli (LRH) it does not yet own, the regulatr said.

Gitone Adriatic is offering 4,761 kuna ($703.88/641.45 euro) per each LRH share, a HANFA filing with the Zagreb bourse dated Friday shows.

Gitone Adriatic is owned by Austria's Gitone Beteiligungsverwaltungs, part of Vienna-based Holster Privatstiftung, it added.

On July 11 Gitone Adriatic signed a contract  to buy a stake of 53.94% in LHR held by four Zagreb-based companies - SNH Alfa, SNH Beta, SNH Gama and SN Pectinatus, it said in an earlier statement. Following the purchase, Gitone Adriatic became obliged to launch a takeover bid for the remaining LHR shares .

In the takeover bid, Gitone Adriatic will act together with Zagreb-based Gitone Kvarner company, which is in the process of being established, as well as with their parent company - Austria-based Gitone Beteiligungsverwaltungs, and its owner, Vienna-based Holster Privatstiftung, it has said.

(1 euro = 7.42099 kuna)

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