The Croatian Financial Services Supervisory Agency (Hanfa) has approved the Pula-based Uljanik to publish an offer for the acquisition of Rijeka’s 3. maj, with the price that Uljanik will offer being one kuna per share.
Uljanik’s obligation to publish the acquisition offer arose on June 28 when, based on a contract with the state, it acquired 1,051,118 shares, or 83.33 percent of the shares of the Rijeka shipyard.
Rijeka’s 3. maj was the third and final shipyard with which negotiations regarding the privatization and restructuring of Croatian shipyards in distress were completed, and according to the contract with the state, Pula’s Uljanik paid a purchase price of one kuna for 83.3 percent of the shares of 3. maj. In the restructuring process of 3. maj, the state will invest 847 million kuna over the next five years, while Uljanik will contribute 842 million kuna as its own investment in this process.
The price that Uljanik commits to pay per share in the acquisition offer amounts to one kuna, as stated in Hanfa’s decision.
Since Uljanik did not enter into legal transactions aimed at acquiring shares of 3. maj in the one-year period prior to the obligation to publish the acquisition offer, and since shares of the Rijeka shipyard were not traded on the Zagreb Stock Exchange three months before the obligation arose (from March 27 to June 27), it was determined that the price of one kuna per share, set in accordance with the provisions of the Companies Act on Takeovers, is justified, explains Hanfa.
