September 9 (SeeNews) - The Slovenian Competition Protection Agency, AVK, said it is giving the green light to state-owned postal operator Posta Slovenije to acquire local logistics group Intereuropa [LJE:IEKG].
The market concentration that will arise from the acquisition is in line with competition rules, AVK said in a statement last week.
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In May, Posta Slovenije signed an agreement with a group of banks to buy 72.13% of Intereuropa for an undisclosed sum. The sellers of the shares included SID Banka, Nova Ljubljanska Banka, Gorenjska Banka, Nova KBM, SKB Banka, and Banka Intesa Sanpaolo.
According to earlier media reports, Posta Slovenije bought the majority stake in Intereuropa for 105 million euro ($116 million).
The conditions the sellers had put before completing the transaction included AVK's nod, as well as a confirmation that the buyer will then publish a takeover bid for the remaining shares of Intereuropa it does not own. Posta Slovenije has said it would publish a buyout bid once the transaction is completed.
Intereuropa's shares traded unchanged at 2,540 euro by 0918 CET on Monday on the Ljubljana Stock Exchange, after closing 2.31% lower on Friday.
In the tender for the 72% stake in Intereuropa, Posta Slovenije outbid UK-based freight forwarder Xpediator.
The postal operator has also committed to assume Intereuropa's 70 million debt.
The acquisition is in line with the business plan of Posta Slovenije, which faces a decline of the classical postal business, and expects to increase its revenue via the purchase of Intereuropa.
($=0.906379 euro)