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FMR Holding takes control of conglomerate Kolektor

By   /   31/08/2016  /   Comments Off on FMR Holding takes control of conglomerate Kolektor

Ljubljana, August 31, 2016/Independent Balkan News Agency

FMR Holding has raised its stake in the company FMR, the biggest owner of industrial conglomerate Kolektor, to over 80% and wants to buy the remaining 0.45% that it does not already own or is not owned by its Kolektor’s associate companies.

This solves the ownership problem at Kolektor and should bring “brighter days” for both FMR and Kolektor, FMR’s chief supervisor Stojan Petrič told the press on Tuesday.

“This final step puts FMR group back into the hands of workers and retired Kolektor employees, which I see as crucial for the future success of the company and the financial stability of both FMR and Kolektor,” said Petrič, who is also a former Kolektor CEO.

FMR Holding bought the 38.66% stake in FMR for an undisclosed sum from Gorenjska banka, which had acquired the stake from HDR Naložbe, a part of the H&R group owned by the management of the rival industrial conglomerate Hidria.

Media reported in the spring that Hidria’s exiting the FMR ownership structure was a result of an agreement with Gorenjska banka, which enabled H&R, through which CEO Edvard Svetlik and managers control Hidria, to pay its liabilities to the bank with a 39% Hidria Fin’s stake in FMR.

Petrič said today that the acquisition had been made using the entire capital of Hidria Fin plus a EUR 15m loan from the NLB bank after H&R could no longer pay its liabilities.

The latest change in ownership appears to end the long and storied rivalry between Svetlik and Petrič, two leading businessman in the Idria area.

Commenting on the relation between Kolektor and Hidrija, Petrič, who had formally withdrawn from Kolektor but still acts as its chief supervisor, said that given the current growth of both companies he would “not be surprised if Kolektor submitted a takeover bid for bank claims to Hidria in a few years”.

FMR boss Andrej Kren announced today that an intent to take over the remaining 0.45% stake in the company would be published tomorrow and that a takeover bid would follow within 30 days.

Petrič added that Kolektor currently had EUR 70m in cash and EUR 47m in loans, which leaves it with EUR 23m available for spending, including on takeovers. It can also secure another EUR 100-200m in loans.

He announced new takeovers of foreign companies for this year and the next.

Source: The Slovenia Times

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