September 17 (SeeNews) - Hisense Luxembourg Home Appliance Holding, a member of China's Hisense Group, has been given the go ahead to squeeze out the minority shareholders in Slovenia's Gorenje, the latter said on Monday.
Gorenje's general assembly decided to adopt Hisense's squeeze-out plan at a session on September 17, the company said in a Ljubljana bourse statement.
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Hisense holds a 95.42% stake in Gorenje.
All Gorenje shares which are not held by the main shareholder, i.e. 1,119,728 shares, shall be transferred to Hisense against payment of a monetary compensation of 12 euro ($14.0) per share, Gorenje explained.
On May 28, Slovenia's securities market agency, ATVP, issued a permit to Hisense to launch a takeover bid for 24,424,613 Gorenje shares, minus the 8,050,014 shares that the acquiring party already held.
Hisense informed ATVP that between May 29 and June 26 the takeover bid was accepted by 5,165 shareholders, who held a total of 15,254,871 GRVG shares among themselves, representing 62.46% of all Gorenje shares.
In May, Gorenje selected Hisense as the best bidder in a tender for a strategic partner.
($=0.857689 euro)
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