June 22 (SeeNews) - Russia's Sberbank said on Thursday it has started enforcing a pledge over an 18.53% stake in Slovenian retailer Mercator [LJE:MELR], with the actual enforcement to take place as early as end-June.
The 1,128,803 shares were pledged to Sberbank by financial holding company Agrokor Investments B.V. as collateral for claims against Croatia's food-to-retail concern Agrokor, a spokesperson for the bank said in an e-mailed response to a SeeNews enquiry.
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Mercator is majority owned by Agrokor.
"Sberbank of Russia has started enforcement proceedings in the previous week by accelerating the secured claims and sending notifications on the enforcement", the spokesperson said.
Sberbank also noted it is currently evaluating different options for the enforcement against the entire amount of pledged shares with the aim of having a transparent process and obtaining the highest possible price for the shares.
The Netherlands-based Agrokor Investments B.V. is not subject to proceedings under Croatia's law on extraordinary administration in companies with systemic importance such as Agrokor, enacted by the country's parliament in April. As the pledge had been granted under Slovenian law, the enforcement is conducted in accordance with that law, Sberbank noted.
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 the Netherlands-based holding company as an additional means of insurance, according to Agrokor.
Sberbank is one of Agrokor's largest creditors. Croatian media have been speculating that the bank plans to sell the share in Mercator to redeem part of the debt owed to it by the ailing concern.