Banks to sell 36% of ownership in "Mercator"

At the end of the last week, eight banks, the owners of Slovenian "Mercator", invited potential investors to submit their bids for purchase of their share of 36% in that market chain.

- Non-binding bids will be collected prior to February 8th, while binding bids are expected at the end of April 2010 - it is written in today's (December 22, 2009) issue of Slovenian "Dnevnik".

The interest has already been expressed by state-owned fund Kapitalska Družba (Kad), which is, allegedly, interested in buying the share of 10%.

The banks have withhold the right to withdraw from the consortium at any time. The work of the consortium is coordinated by consulting company "Arkas" and Nova Ljubljanska Banka (NLB).

Six banks - UniCredit, Gorenjska banka, Abanka Vipa, NKBM, Banka Koper and Hypo Alpe Adria, hired "Arkas" in November to be their adviser for sale of 21% of "Mercator". NLB, which represents Banka Celje and owns, with that bank's share, 15% of the company, has also joined the consortium.

At the same time, the media announced that some of the workers of "Mercator" were sent to six-month vacation and advised to start looking for new jobs.

"Mercator" confirmed that the workers were sent to the vacation, but pointed out that those 68 employees "are sent to the vacation with a promise that some other jobs will be found for them in the company in the meantime, but they are also advised to start looking for job themselves".

People in "Mercator" add that such reorganization is their response to the company's growing presence in the international market and the need for elasticity of operations, so that the business functions of the concern have been separated from the operative ones.