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Swiss-based Batagon further raises price of bid for Serbia's FAS - report

Swiss-based Batagon further raises price of bid for Serbia's FAS - report wavebreakmedia/Shutterstock.com

BELGRADE (Serbia), August 28 (SeeNews) - Switzerland-based Batagon International has increased the price it is offering to acquire Serbian insolvent car battery maker Fabrika Akumulatora Sombor (FAS) to 5.05 million euro ($6 million), according to Serbian media reports.

The company has increased the price by 550,000 euro which represents the third improvement of the offer, news portal SoInfo quoted the insolvency administrator of FAS, Predrag Ljubovic, as saying on Thursday.

"I believe this is a positive development and that it is time for the creditors to accept the offer," Ljubovic said.

The creditors of FAS have already rejected two offers of Batagon International for the assets of the insolvent company. Batagon International originally offered 3 million euro for FAS in July and then sweetened their bid to 4 million euro.

In May 2014, the Serbian government agreed to sell FAS to Greek company DEM Hellas owned by entrepreneur Eftimios Karanasios. However, DEM Hellas did not meet its contractual obligations and the Serbian government called a new tender for the sale of FAS in October 2016. The tender attracted no bids.

($ = 0.838281 euro)

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