Croatian regulator gives green light to Energia Naturalis to launch takeover bid for Luka Ploce

The Croatian Financial Services Supervisory Agency (HANFA) said it has given the green light to local energy and logistics group Energia Naturalis (ENNA) to launch a takeover bid for Adriatic port operator Luka Ploce.

ENNA requested in May an approval to launch a bid for the remaining 74.38% in Luka Ploce it does not yet own, HANFA said in a statement filed with the Zagreb bourse on Friday.

In the bid, ENNA is offering to pay 412 kuna ($62.5/55.7 euro) per each of the 314,605 outstanding Luka Ploce shares.

ENNA became obliged to launch the bid in January after raising its holdings in the port operator above the 25%-threshold that requires for the publishing of a takeover bid.

Back then, it acquired 2,848 Luka Ploce shares at 368 kuna each, lifting its stake to 25.62% from the previous 24.95%.

ENNA manages some 20 companies within the group. It does business in many sectors, primarily distribution and supply of natural gas, trading in oil products, renewable energy sources, spreading all the way to information technology, transport and investments. The list of ENNA companies includes Prvo Plinarsko Drustvo (PPD) group, which is active in the import, sale, supply and distribution of natural gas.

(1 euro = 7.39684 kuna)

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