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Croatia's Kermas Energija to launch takeover bid for seaside resort Apartmani Medena

Croatia's Kermas Energija to launch takeover bid for seaside resort Apartmani Medena Anja Pietsch/CC by 2.0

ZAGREB (Croatia), January 19 (SeeNews) - Croatian company Kermas Energija is set to launch a takeover bid for the 30.93% stake it does not yet own in local seaside resort Apartmani Medena, the resort operator said on Friday.

Kermas is offering to pay 100 kuna ($16.5/13.4 euro) each for a total of 236,709 ordinary shares of Apartmani Medena, the latter said in a Zagreb bouse filing.

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 became obliged to launch a takeover bid for all of the 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=7.43464 kuna)

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