A consortium comprising Slovenian banks and the Pivovarna Lasko brewery in a letter on Friday called on the management of the Mercator chain to extend support in negotiations with the Croatian concern Agrokor, which is interested in buying a 52 per cent stake in Slovenia's largest retail store chain.
Mercator's management decided on Wednesday not to support the negotiations, saying it would not allow Agrokor to perform due diligence unless the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) took part in the negotiations so that the interests of Mercator and its employees were protected in case of a possible takeover.
In today's letter, the holders of the majority stock for which Agrokor has made a non-binding offer said the EBRD, the IFC and the One Equity Partners fund were willing to secure the money for the transaction.
After the transaction, they would also participate as owners, together with Agrokor, through a special holding, but there is no need for them to directly take part in talks with Mercator's management on the protection of the chain's interests, said the letter.
"We welcome the Mercator management's position on the protection of the company's interests, but we underline that Agrokor wants to form a leading retail group in the region," the letter said.
It added that Agrokor was offering a favourable contract with Mercator's Slovenian suppliers and that it was willing to keep the Mercator brand in Slovenia, Serbia, Macedonia, Bulgaria, Montenegro, and Albania.
