Weekly Review of Slovenian Business & Economy from 30 September to 5 November
European inspectors that scrutinised veterinary control on Slovenia's southern border last week found that the country effectively set up controls for the import of animals and animal products to the EU. The country's leading grocer Mercator last week became almost a 100 percent owner of the top Ljubljana department store Maximarket, while the fate of its takeover attempts on the Serbian market remains uncertain. The Slovenian telco Telekom Slovenije meanwhile expressed interest in a 51-percent share of the Montenegrin telecoms utility put out to tender.
COMPANIES
Mercator Owns Almost 100% of Maximarket Department Store
The country's leading grocer Mercator said on 5 November its bid for the top Ljubljana department store had been successful as it acquired 70.59 percent of Maximarket shares. Together with the stake it held before the takeover bid, Mercator now holds a 98.69 percent share in the department store. Mercator offered SIT 8,000 (EUR 33.3) a share. Publishing its bid on 22 September, the grocer said it would acquire at least 25 percent of all shares, yet since this happened less then 14 days before the bid expired, it extended the offer until 3 November. Mercator must now wait to get the stamp of approval from the Competition Protection Office. After it receives the approval, the grocer will pay out the purchase money of SIT 1.7bn (EUR 7.09m) in cash.
AGRICULTURE
EU Inspectors Pleased with Work of Vets at Croatian Border
5 November - Veterinary inspectors from the EU found that Slovenia has effectively set up controls for the import of animals and animal products to the EU. There are still several minor shortcomings that must be eliminated, director general of the Veterinary Administration Vida Cadonic Spelic told the press on 5 November. Two inspectors from Dublin, who completed their four-day mission on 5 November, were also pleased with the structure of the VURS, and the current number of veterinary inspectors (11). Several shortcomings were found when the inspectors reviewed the transposition of the EU body of law in Slovenian legislation. They also recommended that the Slovenian inspectors be supervised more stringently and that staff get additional training. The inspectors furthermore found that the road crossing Gruskovje is ready to serve as an entry point for animals and animal products bar a few minor corrections, Cadonic Spelic said, noting that imports through Gruskovje would be possible by next summer.
TELECOMMUNICATIONS
Telekom Slovenije Eying a Stake in Montenegrin Telco
Telekom Slovenije expressed interest in a 51-percent share of the Montenegrin telecoms utility put out to tender. The Slovenian telco on 29 October responded to an invitation for expression of interest, which expired on 5 November. Tenders will be accepted until 22 December. Also expressing interest in the Montenegrin telco by 5 November were Hungary's Matev, Austria's Mobilkom, US company Western Wireless International, the Serbian telco and the Czech radio communication company.
STOCK MARKET
Several Securities Market Provisions Found Unconstitutional
The Constitutional Court ruled that several provisions of the securities market act are unconstitutional. The ruling comes after two former stock exchange management members challenged the constitutionality of those provisions which provide for procedures stripping stock market or brokerage board members of the required licenses, as well as regulations stipulating when a brokerage may be withdrawn its permit for securities trading. The court, which declared as unconstitutional parts of articles 88, 112 and 224, said the nature of the articles was such that they cannot be annulled, so it urged the lawmakers to make necessary changes within one year. The initiative to examine the act was filed by the former Ljubljana Stock Exchange director Drasko Veselinovic, the former LJSE board member Tomaz Rotar and the brokerage PM & A.
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