Agrokor Agree Lower Price For Mercator Takeover As Deadline Extended

Croatian food manufacturer Agrokor has reportedly agreed new takeover terms with owners of Slovenia'…

Croatian food manufacturer Agrokor has reportedly agreed new takeover terms with owners of Slovenia's largest food retailer Mercator, nearly a year after the acquisition was initially announced.

In June 2013, Agrokor signed a deal to buy the 53.1% majority stake in Mercator from a consortium of 12 local firms and banks. This deal was conditional on the complete debt restructuring of Mercator.

The deadline for this debt restructure process was set for the end of January 2014, but this was extended to 28 February, and has now been re-scheduled till 30 June.

Sovenian business paper 'Finance', has reported that under the new takeover terms, Agrokor will pay €86 per share down from a previous offer of €120, valuing Mercator at €323.8 million.

'Finance' quoted Pivovarna Lasko, Slovenia's largest beverage producer which holds a 23% stake in Mercator, as the source behind this lowered offer story.

But among the new terms is the condition that Agrokor boost Mercator's capital by €225 million.