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Croatia’s ZABA gets nod to take over Istraturist Umag

Nov 29, 2012, 6:34:15 PMArticle by Kire Nedelkovski
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ZAGREB (Croatia), November 29 (SeeNews) – Croatia's financial watchdog Hanfa said on Thursday it had allowed Zagrebacka Banka (ZABA) [ZSE:ZABA-R-A] to place a takeover bid for local hotel operator Istraturist Umag [ZSE:ISTT-R-A].

Croatia’s ZABA gets nod to take over Istraturist Umag

ZABA plans to pay 156 kuna ($26.9/20.7 euro) for each Istraturist Umag’s share it does not already own, Hanfa said in a bourse filing.

ZABA currently owns 3,356,636 ordinary shares in Istraturist Umag.

Istraturist Umag’s core capital is divided into 4,674,995 ordinary shares, each with nominal value of 100 kuna.

(1 euro = 7.5386 Croatian kuna)

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