Business News

Over Ten Non-Binding Bids for Elan

Begunje na Gorenjskem, 11 September (STA) - Sports goods maker Elan has received more than ten non-binding bids for the acquisition of a majority stake in the latest attempt to privatise the struggling company. The management hopes the sale to be finalised in the first half of next year.

The company would not disclose other details or the exact number of non-binding bids that came in by the Monday deadline in a press release on Wednesday, but said it was satisfied with the response to the 22 July call for bids, which confirmed Elan was an interesting investment opportunity.

The company, which is in majority ownership of the state-owned PDP firm, has been looking for a new owner that would also supply fresh capital for years. The most recent attempt failed in April when the selected bidder, London-based Argus Capital, revoked its offer.

The search for a strategic partner is the more pressing after the European Commission ruled that the company must pay back EUR 10m received in fresh capital in 2008 on grounds that it constituted illegal state aid. The deadline for the payment expired at the end the June, but Slovenia asked for an extension until the company is sold.

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