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Sep 23, 2019 13:13 EEST
LJUBLJANA (Slovenia), September 23 (SeeNews) – State-owned postal operator Posta Slovenije will acquire 9,168,425 ordinary shares and 10,657,965 preference shares of local logistics group Intereuropa [LJE:IEKG] at a standard price of 1.45 euro ($1.6) per share if the transaction is completed, the logistic group said on Monday.
In May, Posta Slovenije signed an agreement with a group of banks - SID Banka, Nova Ljubljanska Banka, Gorenjska Banka, Nova KBM, SKB Banka, and Banka Intesa Sanpaolo - to buy a stake in Intereuropa, the logistic group said in a statement filed with the Ljubljana bourse.
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The agreement referred to a 72.13% stake in Intereuropa.
Earlier this month, the Slovenian Competition Protection Agency, AVK, said it is giving the green light to the deal.
According to earlier media reports, Posta Slovenije bought the majority stake in Intereuropa for 105 million euro ($116 million).
Posta Slovenije has said it would publish a buyout bid for the remaining shares of Intereuropa it does not own once the transaction is completed.
Intereuropa's shares last traded on Friday at 2.54 euro, unchanged from the previous session.
The postal operator has also committed to assume Intereuropa's 70 million euro debt.
In the tender for the 72% stake in Intereuropa, Posta Slovenije outbid UK-based freight forwarder Xpediator.
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.
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