Slovenian brewer Pivovarna Lasko looks set to have new owner

By bne IntelliNews December 5, 2014

bne IntelliNews -


Slovenia's largest beer maker, Pivovarna Lasko, looks set to have a new owner after a consortium put its holding of almost 50% of the shares up for sale as the brewer received bids to take part in a capital injection.

Dutch brewer Heineken and Denmark's Carlsberg are among the seven companies which have submitted non-binding bids to take part in the recapitalisation of Pivovarna Lasko, Slovenian media reported on December 4, quoting unnamed sources.

According to the reports, Pivovarna Lasko's management has turned down one of the bids for the recapitalisation, through which the brewer wants to raise at least €75mn of fresh funds. Along with Heineken and Carlsberg, remaining in the race are investment funds KKR, Mid Europa Parners, CVC Capital Partners and Bain Capital, news service informed, citing a report of daily Vecer.

Their bids reportedly vary from €8 to €27 per share. Pivovarna Lasko's stock closed down 4% at €23 on the Ljubljana Stock Exchange on December 4, putting the company's market capitalisation at €198mn.

Consortium of Lasko sellers formed

Also on December 4, Pivovarna Lasko said in a stock exchange filing that  it was informed by its largest single shareholder, Slovenia's Bank Asset Management Company (BAMC), that a group of Lasko shareholders led by BAMC has formed a consortium to sell jointly their holdings in the brewer. The other members of the consortium of sellers include the state pension fund manager Kapitalska Druzba, local fund managers Alpen Invest and KD Skladi, Slovenian banks NKBM and Abanka Vipa, and the country's largest insurer Zavarovalnica Triglav.

The consortium of sellers controls 44.68% of Pivovarna Lasko's total equity. Yet this percentage might increase in the coming days, since the consortium is open to new shareholders willing to join in.

Pivovarna Lasko said that the consortium has asked the management about how it could get involved in the recapitalisation process in order to start negotiating with potential investors on the share price and other terms of the pending deal. The consortium also wants the management's view regarding hiring a joint consultant.

Pivovarna Lasko reiterated that management has been conducting the capital increase procedure in line with the company's restructuring plan. It added that the management board will work with the consortium of sellers to examine the possibility of carrying out the share sale parallel with the capital increase process.

Pivovarna Lasko financial woes

In April, Pivovarna Lasko signed a financial restructuring deal with creditor banks, under which it will sell its stakes in the largest Slovenian mineral water producer Radenska and in newspaper publisher Delo, among others, to finance its debts. Along with divesting assets, Lasko is planning to receive the above mentioned €75mn capital injection by the summer of 2015. In addition, it intends to merge with another local brewer, Pivovarna Union, by the start of 2016 to enhance cost-cutting measures. Lasko currently controls 98% of Union.

The Lasko Group reported a consolidated net profit of €12.7mn in January-September, compared with  a €10.8mn loss in the same period of 2013, after cutting financial expenses to €13.4mn from €40.1mn. The operating profit in the period, however, slightly fell to €24.6mn from €26.4mn in January-September 2013.

The group's total liabilities amounted to €300mn at end-September 2014, out of which €242mn were listed as financial liabilities. The latter were down by €92.6mn compared with end-2014.


Related Articles

Macedonia kept on hold as Balkans edges towards EU goal

Clare Nuttall in Bucharest -   Macedonia’s EU accession progress remains stalled amid the country’s worst political crisis in 14 years, while most countries in the Southeast Europe region have ... more

Austria's Erste rides CEE recovery to swing to profit in Jan-Sep

bne IntelliNews - Erste Group Bank saw the continuing economic recovery across Central and Eastern Europe push its January-September financial results back into net profit of €764.2mn, the ... more

CEE leaders call for Nato troops to help deter Russian aggression

bne IntelliNews -   Central and Eastern European leaders blasted Russian "aggression" on November 4 and called for Nato to boost its presence in the region. The joint statement, issued at an ... more

Register here to continue reading this article and 2 more for free or 12 months full access inc. Magazine and Weekly Newspaper for just $119/year.

If you have already registered, enter the information below with the same email you used previously and you will be granted immediate access.

IntelliNews Pro subscribers click here

Thank you. Please complete your registration by confirming your email address. A confirmation email has been sent to the email address you provided.

Thank you for purchasing a bne IntelliNews subscription. We look forward to serving you as one of our paid subscribers. An email confirmation will be sent to the email address you have provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

If you have any questions please contact us at

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

IntelliNews Pro subscribers click here

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

If you have already registered, enter the information below with the same email you used previously and you will be granted immediate access.

Thank you. Please complete your registration by confirming your email address. The confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.