Sberbank of Russia Purchases More Than 18.5% of Mercator Shares

Sberbank of Russia purchases more than 18.5% of shares in Mercator, becoming a co-owner of capital share in the retail network. The purchase price was about 40.58 million euros. Agrokor Investments B.V. remains the majority shareholder of Mercator.

According to representatives of Sberbank, they calculated the total price taking into account the average value of Mercator shares. The leadership of Russian bank understand the importance of Mercator for the Slovenian economy and, as a co-owner, will work for the benefit of a retail network, which employs 10,000 people.

Agrokor retains a 69.57% stake in Mercator, while about 10% of the largest Slovenian trading network are owned by Croatian pension funds through fiduciary accounts. Concerning Agrokor shares, there is a law on provisional administration, the so-called lex Agrokor, under which confiscation of shares by creditors is impossible.

Agrokor Investments gave its capital share in the Slovenian trading network as a pledge for a € 100 million loan from Sberbank granted to the former head of the Agrokor Group Ivic Todorić. Sberbank has not yet decided on its participation in the new loan package of 480 million euros. Negotiations on this topic between the interim administration of Agrokor and financial institutions ended last week. According to the authorized representative of the government on the Agrokor Group issues Antej Ramljak, the negotiations ended in the postponement of the Group bankruptcy.