Business News

Two or Three Bids for 82% Stake in Radenska, Report Says

Radenci, 13 February (STA) - At least two companies have submitted binding bids to acquire an 82% stake in beverage maker Radenska from brewer Pivovarna Laško, the business daily Finance reports on Thursday. Czech drinks company Kofola confirmed it submitted a bid, while Finance says the Greece-based Coca-Cola Hellenic was also in the running.

There could possibly be a third bidder, according to Finance, which says this could be a financial investor.

The deadline to submit the bids expired yesterday.

Czech consultancy Genesis confirmed for the STA today that Kofola submitted a binding bid on Wednesday.

As for Coca-Cola Hellenic, Finance says that the acquisition would create synergies in the Balkans for the company.

The seller's consultancy, Unicredit bank, will now decide which bidders to invite to further talks.

Radenska is in trouble due to loans worth EUR 30m to its parent company, due to deteriorating shares it holds in retailer Mercator and an investment in the publisher Delo, Finance also says.

However, Radenska, which was acquired by Pivovarnas Laško in 2000, has been improving its operations for years.

The company's net profit amounted to EUR 4.7m in 2012, up 5.7% year-on-year, while its revenue was at EUR 30.8m, an increase of 2.5%.

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