State to get EUR 40 million for stakes in C Market and Pekabeta - Agreement between Delhaize and Privatization Agency

Source: Blic Wednesday, 09.03.2011. 11:46
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Delhaize has agreed with the Privatization Agency to buy the state-owned stakes in Delta's C Market and Pekabeta so that, in addition to taxes, the state could earn additional EUR 40 million from the sale of Maxi, Blic daily paper learns. The money will go to the Shareholders' fund and each citizen who has the right to free shares will get EUR 8 from the new owner of Maxi.

When Delta acquired majority stakes in Pekabeta and C Market, it was not obliged by law to purchase the shares of other shareholders as well. Today, pursuant to the Law on Takeover, all those who buy minimum 25% of capital of some company must give an offer for the takeover of the whole property.

- Representatives of Delhaize have had a meeting in the Privatization Agency and they yesterday talked about the details of the takeover of minority stakes with the people at the Securities Commission. They agreed to buy state-owned packages of shares in Pekabeta and C Market and meet all legal obligations - says our source and one of the negotiators.

The state may benefit the most since it has a 14% stake in Pekabeta and a 23% stake in C Market. About 17%, that is, 2% of shares in C Market are in the possession of citizens and juristic persons. Miroslav Miskovic may also make a profit again. Namely, the company Tvidel, which is unofficially in his possession, owns 18,508 shares of Pekabeta.

People at the Privatization Agency confirmed that the state-owned shares would not be sold below the price that Delhaize had paid for the shares of Maxi.


- We are looking for a way to turn the public capital in C Market into the state capital. We know that the money from the sale will go to the Shareholders' fund - said the people at the agency.

People at a consulting company that was active in the sale of the biggest companies in Serbia calculated for Blic that Delhaize could buy shares of Pekabeta and C Market at the price of about EUR 200 and EUR 700 per share, respectively. People at Sinteza broker company assess that the price at which the state will be selling its shares will apply to all other shareholders. They say that Pekabeta has 1,765 shareholders, while C Market has 195. Former shareholders of C Market announced yesterday that they would start protesting again in front of the building of the Government of Serbia on Thursday, March 10, and request an investigation into the sale of that market chain to Delta.

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