Austria's Hypo Alpe-Adria-Bank sells 83.96% stake in Croatia's TLM-TVP.

By bne IntelliNews August 14, 2012
Austria's Hypo Alpe-Adria-Bank International said it has sold its 83.96% indirect majority stake in Croatian aluminium hot-rolling mill TLM-TVP to Austrian firm EURIS Handel, the bank said in a statement. The holdings were the largest industrial participation in the lenders portfolio. The price of the deal was not disclosed. The sale was done after a transparent and multi-stage tender procedure, the bank informed. EURIS, which is the largest and most important customer of TLM-TVP at present, is expected to bring experience, knowledge and resources to the Croatian producer and develop its business. With the sale of TLM-TVP, Hypo Alpe-Adria-Bank International will focus on its core business. The bank purchased TLM-TVP in 2007, while its recent sale was preceded by a restructuring programme launched in 2011. The aluminium company is the largest employer in Croatias Sibenik, where its labour force totals 530 workers. The company generated EUR 140mn worth of net sales in 2011.
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