Ljubljana, 14 February (STA) - Newspaper publisher Delo has announced a public auction to offload its 79.24% stake in rival Večer with the opening price for the lot set at EUR 3.098m. The auction will be held in Ljubljana on 28 February.
The condition to take part in the auction is the payment of a security deposit equalling 10% of the opening price, according to the notice in Friday's edition of daily Delo.
A contract on the sale of shares would have to be signed within 10 days after the auction with the suspensive condition that both the seller and the buyer get regulatory approvals.
The entire purchase money would have to be paid within three working days after the suspensive condition is met. If the buyer misses the deadline, the contract will be annulled.
Delo has been unsuccessfully trying to sell the Maribor-based newspaper publisher since the competition watchdog ordered it in 2009 to sell at least 75% due to excessive concentration in the newspaper and advertising market.
Following the first international call in 2010, Delo signed a sale contract with 3Lan, a small Slovenian IT company, but the Culture Ministry rejected the approval on the grounds that 3Lan submitted an inadequate management strategy.
The second international call was issued in March 2012. Interest was shown by several companies, including Medici of Hamburg, which however failed to secure the purchase money.
Interest in buying the stake has also been expressed by Večer staff.
Delo is in a hurry to offload the stake because it has already been fined by the regulator for failure to sell the stake by the July 2013 deadline.