Two investors reportedly in bidding for Slovenia’s Cimos

By bne IntelliNews March 25, 2016

Bosnian businessman Nijaz Hastor and Italian investment fund Palladio Finanziaria have submitted non-binding bids for a 92.3% stake in Slovenian automotive components manufacturer Cimos Group, Slovenian national broadcaster RTV Slovenia (RTV SLO) reported on March 24.

Cimos has been a leading Slovenian exporter for decades, and is one of the companies earmarked for privatisation by the government. The company was brought back from the brink of bankruptcy in a €169mn debt-to-equity conversion last year, which brought it under majority state ownership.

Hastor, best known in Slovenia for his role in the bankruptcy of former flagship car seat cover maker Prevent, unofficially offered €200mn, according to RTV SLO.

Palladio Finanziaria is interested only in Cimos' assets in Slovenia, Bosnia and Serbia, but not Croatia.

Cimos shareholders put up for sale a 92.3% stake in August since the company had been facing financial problems for the last few years due to an inability to re-pay bank loans, Slovenian daily Delo reported on August 18.

The stake in Cimos is being sold by the Bank Asset Management Company (47.5%) and Slovenian Sovereign Holding on behalf of the state (24.26%), and banks NLB (9.44%), Gorenjska banka (5.74%), Abanka Vipa (2.42%), NKBM (2.2%) and SID banka (0.74%).

Cimos is based in the coastal town of Koper in southwestern Slovenia, and employs around 2,000 people. One of the biggest industrial groups in the country, it is undergoing operational restructuring.

In the first nine months of 2015, the Cimos group generated €252.7mn in revenues, while cutting costs by 10% compared to the same period in the year before and improving liquidity.

Despite popular opposition to sales of local enterprises to foreign investors, Ljubljana launched a privatisation process after its corporate and banking sectors fell victim to the 2008 global financial crisis as well as the 2013 Eurozone crisis.

Related Articles

Slovenian auto-industry going strong as Renault, Magna confirm investments

Canadian automotive giant Magna International has confirmed plans to start construction of a paint shop in Slovenia in the second quarter of the year. The news followed a January 11 announcement from ... more

Chinese Zhejiang Jinke Entertainment Culture reportedly acquires Slovenia’s Talking Tom for €1bn

Chinese group Zhejiang Jinke Entertainment Culture Co has reportedly acquired entertainment company Outfit7, majority-owned by Slovenia's richest couple Samo and Iza Login, for €1bn, regional ... more

Chinese Zhejiang Jinke reportedly close to €600mn acquisition of Slovenia’s Outfit7

Chinese company Zhejiang Jinke Entertainment Culture Co is expected to submit a binding bid for international entertainment company Outfit, majority-owned by Slovenia's richest couple Samo and ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

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

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

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

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

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

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A 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.

Dismiss