The Croatian Competition Agency has not yet formally launched the procedure to examine the impact of the takeover because the proposals so far made by Agrokor are insufficient, the agency's deputy director Mladen Cerovec told reporters in Zagreb.
"They will have to sell much, but the question is whether there is an interest," Cerovec said, explaining that Agrokor would have to sell, close or transform many of its stores to get an approval of the takeover.
Agrokor agreed to pay EUR 240m for a 53% stake in Mercator in a deal signed with a group of shareholders including beverage company Pivovarna Laško and the state-owned NLB bank in mid-June.
Before the deal can be finalised Agrokor needs regulatory approval for each of the markets where the two companies are present. Another condition is successful restructuring of Mercator's EUR 1bn debt.
Agrokor is not expected to have major problems securing the regulatory go-ahead in Slovenia, but the Slovenian Competition Protection Agency has not yet issued its opinion.
"They will have to sell much, but the question is whether there is an interest," Cerovec said, explaining that Agrokor would have to sell, close or transform many of its stores to get an approval of the takeover.
Agrokor agreed to pay EUR 240m for a 53% stake in Mercator in a deal signed with a group of shareholders including beverage company Pivovarna Laško and the state-owned NLB bank in mid-June.
Before the deal can be finalised Agrokor needs regulatory approval for each of the markets where the two companies are present. Another condition is successful restructuring of Mercator's EUR 1bn debt.
Agrokor is not expected to have major problems securing the regulatory go-ahead in Slovenia, but the Slovenian Competition Protection Agency has not yet issued its opinion.
