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ZAGREB (Croatia), May 16 (SeeNews) - Croatian hotel operator Valamar Riviera [ZSE:RIVP-R-A] said on Wednesday it has received approval from the financial services supervisory agency, HANFA, to launch a buyout bid for the shares it does not yet own in local peer Hoteli Makarska.
Valamar became obliged to launch a buyout bid after in April it signed a deal with the country's center for enterprise restructuring and privatisation, CERP, for the purchase of a 55.48% stake in Hoteli Makarska, it said in a Zagreb bourse filing.
The company concluded the deal jointly with pension fund manager AZ, to which it later transferred a 30.48% stake in Makarska.
Valamar will now, in partnership with AZ, offer to pay 278.0 kuna ($44.3/37.7 kuna) per share for the 498,384 shares it does not yet hold in its peer.
The Valamar group runs hotels, apartment villages and campsites in Istria, in Dubrovnik and on the Adriatic islands of Krk and Pag.
(1 euro=7.38393 kuna)