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May 6, 2011

SLOVENIA: Court rejects Mercator sale appeal

Slovenia's supreme court has rejected an appeal over a decision from the country's competition watchdog to block the sale of a stake in grocery retailer Mercator to local rival Agrokor.

Slovenia’s supreme court has rejected an appeal over a decision from the country’s competition watchdog to block the sale of a stake in grocery retailer Mercator to local rival Agrokor.

Shareholder Piovarna Lasko confirmed yesterday (5 May) that the competition protection office blocked the sale of its 23.24% stake in Mercator on 26 April and that the supreme court rejected its appeal on 29 April.

The Slovenian brewer said that the sale of its stake in Mercator is a “key part” of its financial restructuring. Lasko said that if it is unable to offload the shares it will be unable to pay a series of debts that are due in June.

In a filing with the Ljubljana stock exchange, Lasko said that its administrators have been authorised to negotiate with its lenders to renegotiate its credit arrangements.

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