Business News


State Stripped of Voting Rights in Petrol

Ljubljana, 22 March (STA) - The Securities Market Agency (ATVP) has revoked the voting rights of state-owned companies in energy company Petrol until they publish a takeover bid or reduce their stakes to below the takeover threshold of 25%.

Ten state-owned companies hold a combined 29.21% stake in Petrol.

The state-run SOD and KAD funds hold 19.75% and 8.28%, respectively, insurer Zavarovalnica Triglav 1.13%, reinsurer Triglav Re 0.02%, mobile provider Mobitel 0.01%, the NKBM bank 0.02% and airport operator Aerodrom Ljubljana 0.004%.

Seven of the companies will be unable to exercise their voting rights in Petrol until they publish a takeover bid together with the other state-owned shareholders or dispose their stakes to below the takeover threshold, follows from the decision posted on the website of the securities market watchdog.

The regulator had warned the companies of the possibility that they would lose their voting rights in January, urging them to state their intentions about their shareholding of Petrol.

In the past two months, the ATVP issued similar calls urging state-owned companies to make takeover bids or reduce their stakes in several major Slovenian banks and companies, including pharmaceutical company Krka, banks NKBM and Abanka, Zavarovalnica Triglav, telco Telekom Slovenije and Aerodrom Ljubljana.

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