SARAJEVO (Bosnia and Herzegovina), March 26 (SeeNews) - Croatian confectionery maker Kras said it has received the approval of Bosnia's Serb Republic securities commission to launch a buyout bid for the remaining 24% in Bosnia's largest pastry producer, Mira, which it does not yet own.
The regulator's permission was granted on March 25, Kras said in a statement with the Zagreb bourse on Wednesday.
Under the decision of the securities commission, Kras is now obliged to publish the bid within seven days, the statement reads
In February, the Serb Republic's securities commission said that Kras and its majority owner, Croatian meat producer Braca Pivac, are obliged to launch a buyout bid for Mira after in late December Braca Pivac exceeded the 50%-ownership threshold in Kras and controls 51% of the confectionery maker.
Under the local takeover rules, an entity which gains directly or indirectly control over more than 30% of the shares with voting rights of another entity becomes obliged to immediately inform the acquired company, the securities commission, the stock exchange and the public, and to publish a takeover bid in line with these rules.
Mira's shares last traded on the Banja Luka bourse on on March 10, closing up 19.05% at 1.00 marka ($0.56/0.51 euro).
Kras traded flat at 510 kuna ($73/67 euro) by 13:50 CET on Thursday in Zagreb.
(1 euro = 1.95583 marka, 7.61011 kuna)