Croatia's Kras-ESOP to decide about Kras buyout bid on Sept 30

Kras-ESOP has called an extraordinary shareholders meeting for the last day of the current month to decide whether to take part in the buyout bid, Kras said in a brief filing with the Zagreb bourse on Wednesday.

The statement was filed in response to a bourse query whether Kras is aware of any developments concerning Kras-ESOP's possible participation in the buyout bid.

In the beginning of September Braca Pivac said it plans to launch a joint buyout bid with Kras-ESOP for the remaining stake of 50.82% in Kras the two firms do not own yet.

Braca Pivac has also said it will proceed with its buyout offer even if Kras-ESOP decides not to join.

Following news of the planned buyout offer, Kras shares on the Zagreb bourse soared to their current level of more than 1,000 kuna (148/135 euro) apiece from 400 kuna in massive trading.

Last week, Cyprus-registered Kappa Star, which is owned by Serbian businessman Nebojsa Saranovic, said it has been buying heavily into Kras since the beginning of the month.

On Wednesday Kras said that Kappa Stars's stake in the company had reached16.68%.

Bourse data, however, suggests the Kappa is probably increasing its stake further.

According to September 26 bourse data, Braca Pivac owns a 30.73% stake in Kras, whereas Kras-ESOP holds 18.45%, standing just before Kappa's 16.68%. The remainder belongs to smaller shareholders.

Kras' shares traded 0.94% lower at 1,050 kuna by 14:00 CET on Thursday, after adding 0.95% to 1,060 kuna on Wednesday.

(1 euro = 7.40497 kuna)