Adris Grupa, the majority owner of two retail chains of the same name, has decided to merge Zagreb and Rijeka Duhan into one company. Both Zagreb and Rijeka Duhan have announced calls for General Assemblies to be held on December 21, where shareholders will decide on the merger of these two companies.
Since Adris holds 75.3% of the ordinary shares and 100% of the preferred shares in Rijeka Duhan, and 88.6% of the ordinary shares in Zagreb Duhan, there should not be too many issues in confirming the transaction. The merger will be carried out through a share exchange, specifically an exchange for shares of the newly established company Inovina. Thus, each share of Rijeka Duhan will be exchanged for one share of Inovina, while each share of Zagreb Duhan will be exchanged for two shares of Inovina.
The headquarters of Inovina is in Rijeka.
Earlier this year, Adris Grupa received approval from the Competition Protection Agency to increase its stake in Zagreb Duhan. The newly created company is expected to manage around 350 sales outlets, mostly in Zagreb and in the Kvarner and Istria markets. Adris Grupa is also the second largest shareholder of Tisak, another retail chain operating in the same market as Duhan, in which it controls 25.9% of the shares. The largest shareholder of Tisak is Agrokor, which gained control over an additional 25.8% of shares by acquiring the company TS logistika. Agrokor previously held a 28.4% ownership stake in Tisak, writes Bankamagazin.
