The Croatian Financial Services Supervisory Agency (Hanfa) has authorized the Czech Port Acquisitions has submitted a bid for acquire the entire capital of Luka Rijeka, the company that manages the port of Rijeka Last February the Czech company had signed an agreement to acquire 25.38% of the capital of Port Company ( of 14 February 2023). The obligation for Port Acquisitions to advance a takeover bid to obtain the full share capital of Luka Rijeka, which is listed on the Zagreb Stock Exchange, is taken last March 14 when, after several acquisitions of capital shares, the Czech company had come to own 4,640,579 shares of the Croatian company, equal to 34.42% of the share capital.

On Friday, the Croatian authority for the control of financial activities authorized Port Acquisitions to make a takeover bid in which it undertakes to pay EUR 8.40 per ordinary share of Luka Rijeka. Capital Luka Koper's share amount to 539.2 million kuna (71.6 million of euro) and is divided into 13,480,475 shares. The offer presented by the Czech company is therefore the acquisition of the remaining 8,839,896 shares not yet in its possession for a total of about 74 million euros.

Hanfa specified that, in the previous year the obligation to advance a takeover bid, the maximum price at which the bidder had bought shares of Luka Rijeka was 7.85 euros for action and, moreover, that from 13 December 2022 to 13 March 2023 the average price of the company's shares on the Zagreb was 8.40 euros. Hanfa then confirmed that The price proposed in the offer is in line with the legal provisions. In addition, the Croatian authority has announced that Port Acquisitions presented Hanfa with a bank guarantee irrevocable which, if necessary, provides for the disbursement of the funds for the payment of all remaining Luka shares Rijeka.

Hanfa finally clarified that against its decision it is not Appeal allowed, while litigation can be initiated administrative within 30 days from the date of the decision.