Agrokor is understood to still be vying for a takeover of Mercator

Agrokor is understood to still be vying for a takeover of Mercator

Croatian retailer Agrokor is reportedly still looking to acquire Slovenian rival Mercator and will submit a bid by 15 May.

Agrokor, which was earlier this year thought to still be the frontrunner for Mercator, is understood to still be vying for a takeover of the retailer. According to Croatian press agency Hina, the group is expected to submit a binding bid next month.

Earlier this year, Mercator's owners, including shareholder Pivovarna Lasko, were reported to have re-started an attempt to sell their joint 53.2% stake in the company. Investors in the group have been looking to offload shares in the retailer on and off since 2008 but a sale has yet be sealed.

In March 2011, Agrokor indicated it would be interested in buying over 23% of Mercator. In October that year, Agrokor then reportedly placed a bid for the shares but, a month later, the management of Mercator pulled its support for talks to sell the company to Agrokor after a dispute over whether the European Bank for Reconstruction and Development and the International Finance Corp.

Agrokor did not return a request for comment on the report.