Glas Istre claims key takeover phase could begin today
One of Croatia’s largest companies Adris Grupa seems to be under an attempt of a hostile takeover according to Glas Istre. Key phase of the alleged hostile takeover is supposed to start today and according to sources close to Adris shareholders, Czech-Slovakian investment fund J&T intends to buy shares, take over management rights and decide on the fate of all segments of operations of this company.
According to the same article, Plinio Cuccurin, former board member of Adris and owner of 8% of shares has allegedly signed an option contract with J&T. Same contract is supposed to be under wraps until the takeover is completed so neither HANFA nor the Zagreb Stock Exchange were informed of its existence.
Glas Istre claims that the J&T fund proposed a meeting with Ante Vlahović, but not as the CEO of Adris Grupa but as the company’s largest shareholder. Vlahović states he declined the invitation and asked the J&T representatives to meet with the executive directors.
Adris shareholders are saying they’ve been pressured to sell their shares now that the company is “full of money”, since the company just received 550 mil eur from the sale of Tvornica Duhana Rovinj (Rovinj Tobacco Factory) to BAT. This way, should the takeover succeed, Adris’ stable operations in insurance, tourism and fish farming would enter a “restructuring” phase and vast capital would leave the country instead of it being invested in Istria and Croatia.
Adris group announced that they intend to invest more than 4 billion kuna in their core businesses with a possibility of investments and acquisitions in other business sectors. It is well aware they are planning to invest 1,5 billion kuna in tourism, they’re continuing to invest in Croatia Osiguranje ( Croatian Insurance) and to expand in the insurance market in the region while they invested 150 million kuna in their fish farming business with the intention to increase their annual fish production to 10 000 t.
Any takeover attempt would mean a major setback for all above mentioned plans and it would harm not only the company employees but the Istrian and national economy.
Glas Istre tried to get a hold of Plinio Cuccurin but he was not available for comment and J&T fund and J&T bank only sent a brief statement saying they only has preliminary contacts with Adris Group and that the public will be informed about any potential cooperation details in due time.
