March 7 (SeeNews) - Croatian company Kermas Energija has increased its stake in local seaside resort Apartmani Medena by 20.52% to 89.60% following a takeover bid, Apartmani Medena said on Wednesday.
The company's takeover bid was accepted by 62 shareholders, Medena said in a statement.
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Kermas earlier offered to pay 100 kuna ($16.7/13.5 euro) per share for a total of 236,709 ordinary shares of Apartmani Medena, or 30.93% of the company's total shareholding.
In December, Kermas Energija acquired a 68.93% stake in the seaside resort from a state-held alternative investment fund.
Having acquired a stake over 25%, the purchaser was obliged to launch a takeover bid for all of the remaining shares of Apartmani Medena.
Croatia's financial regulator, HANFA, has approved the takeover bid.
Zagreb-based Kermas Energija is part of the Kermas Limited international investment corporation. The company has major investments in mining, renewable energy, real estate, marina development, agriculture and shipbuilding.
(1 euro=7.42609 kuna)