Slovak investor St. Nicolaus states: The story of Badel 1862 is not over yet

The battle for Badel’s facilities in Zagreb’s Žitnjak and for the wineries in Benkovac and Daruvar, between the Đakovo-based Meteor Group and another bidder, the Slovak company St. Nicolaus, seems far from over.

Although last week the Đakovo company Meteor reported to the Ministry of Economy that they had gained control over more than two-thirds of the claims filed in the pre-bankruptcy settlement of Badel 1862, the Slovak bidder, St. Nicolaus, has no intention of backing down. At least not until they see Meteor’s contracts, or confirmations from the relevant institutions regarding whether Meteor’s contracts for acquiring 67.5% of the claims are executive or optional.

Indeed, the Slovaks have not been deterred from their plan to enter Badel 1862, even by the announcement from Meteor Group that they have the support of the creditor – Atlantic Group.

“Considering that our offer is indeed extensively justified and of high quality, we have committed to invest all necessary funds that we truly have available for the recapitalization and increase of Badel 1862’s capital, up to 25 million euros, and we have stated that we are, if necessary, ready to invest additional funds in the future. In short, our offer meets all the required conditions and provides everything necessary for the long-term development and innovation as well as a secure and successful future for Badel 1862, for which, as a leading company in this industry, we have all the necessary references and resources,” says Nataša Cesarec Salopek, the authorized person for public relations at St. Nicolaus. The manner in which the process of selecting a strategic partner has proceeded, as well as the final result of that process, is considered unusual at the very least.

“Although the process of selecting a strategic investor for Badel took a somewhat different direction last week due to ‘unusual’ information from our competitors, we must wait for the decisions of the relevant institutions for the final decision, which we believe will, based on the verification of all necessary documents and knowledge, make the best decision for Badel 1862,” emphasize the Slovaks.

Namely, the confusion arose because there are two separate processes. The first is the pre-bankruptcy settlement, which is stalled, and the second was the process of finding a strategic partner, a call that was published on the official pages of Badel 1862, in which St. Nicolaus participated. Since Meteor entered the pre-bankruptcy settlement with its offer, which is stalled by the state’s decision, and in such a way that it participated in the process of finding a strategic partner – St. Nicolaus is seeking an answer as to why this competition proceeded in the manner it did. Only by reviewing the documentation will they consider further legal steps.

In this context, it is also important to interpret the statements of the former Minister of Economy Tomislav Panenić, who assessed that business ethics towards the Slovak bidder were violated throughout the entire process, but also emphasized that the process was conducted in accordance with the laws.

Let us recall, Meteor offered over 26 million euros for Badel 1862. The state holds a 78% ownership stake in Badel 1862, of which 67.68% is through Cerp and 10.20% through the Capital Fund.