June 2 (SeeNews) - Swedish investment and R&D company Pervanovo Invest said on Wednesday it has acquired a 98% stake in Croatian manufacturer of wood and paper products Spacva [ZSE:SPVA].
Through the acquisition, Pervanovo is becoming the largest wood processing company in Croatia with 1,700 employees and five production units, the company said in a press release.
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Pervanovo also owns Croatia-based furniture manufacturer Bjelin Otok.
Pervanovo purchased a 75.81% stake in Spacva from Quaestus Private Equity Kapital II, a 18.95% stake from state-controlled lender Hrvatska Postanska Banka (HPB) and a 3.92% stake from investment fund MWM 1, Spacva said in a bourse filing on Tuesday.
Pervanovo is now obliged to launch a buyout bid for the remaining shares in Spacva it does not own yet, Spacva added.
Pervanovo will delist Spacva from the Zagreb Stock Exchange (ZSE) and rename it to Bjelin Spacva after acquiring all shares, Stjepan Vojnic, CEO of Pervanovo Croatia, said in the press release.
Spacva specialises in the manufacturing of oak veneers. It employs 850 people.
Spacva's shares last traded on the ZSE on February 15, closing flat at 45 kuna ($7.3/6 euro).
(1 euro = 7.5042 kuna)
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