September 20 (SeeNews) - Croatia's hotel operator Valamar Riviera [ZSE:RIVP-R-A] said on Tuesday it signed a share purchase and transfer agreement for a 50.08% stake in local peer Imperial for 260.8 million kuna ($41.8 million/37.4 million euro).
The deal was signed between Valamar and the Republic of Croatia, the State Agency for Deposit Insurance and Bank Resolution, the Croatian Pension Insurance Institute and the Restructuring and Sale Center, which together held 318,446 shares in Imperial, the hotel operator said in a filing with the Zagreb bourse.
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Valamar has 30 days to pay for the state-owned stake.
The company is now legally required to make a mandatory offer for the Imperial shares it does not already own.
Valamar earlier said it has concluded a partnership agreement with mandatory private pension fund AZ, which holds a 9.45% stake in Imperial, for joint action towards acquiring the Rab-based hotel operator.
The two will make an offer for the remaining stake and later distribute the shares according to an internal agreement, Imperial said in a separate filing on Tuesday.
The nominal value of the remaining shares is 400 kuna each.
In July, Croatia's state-run center for enterprise restructuring and privatization, CERP, said it has accepted Valamar's bid for a majority stake in Imperial.
(1 euro=7.51057 Croatian kuna)