July 10 (SeeNews) - Russia's Sberbank said on Monday it has acquired 18.53% of the shares of Slovenian retailer Mercator, at a public auction at the starting price of 40.6 million euro ($46.2 million).
Sberbank previously seized the shares from the Netherlands-based financial holding company Agrokor Investments B.V., which had offered them as collateral for a loan extended by the bank to Croatia's ailing food-to-retail concern Agrokor, a spokesperson for Sberbank said in an e-mailed response to a SeeNews enquiry.
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"Since the secured obligations have not been repaid at their maturity date, Sberbank initiated the process of enforcing the share pledge by way of selling the shares at a public auction in accordance with article 167 of the Slovenian Property Code, which was held on July 7 and in the course of which Sberbank acquired the shares", the bank explained.
"Sberbank fully understands Mercator's crucial role for the Slovenian economy and will act in the best interest of the company", it added.
Mercator is majority owned by Agrokor.
In February this year, when Agrokor concluded a loan deal with Sberbank, the owner of the concern, Ivica Todoric pledged the shares in Mercator held by his company Agrokor Investments B.V. as an additional means of insurance.
Sberbank is one of Agrokor's largest creditors.
($=0.878097 euro)