Austria's Wiener Boerse can acquire a 81.01% stake in the company that operates the Ljubljana Stock Exchange (LJSE) as the highest bidder in the last round of bidding for Ljubljanska borza, representatives of its owners said on Friday.
According to the news portal of the public broadcaster TV Slovenija, the Vienna stock exchange offered EUR 1,401 per share, which puts the value of Ljubljanska borza at EUR 47m.
Wiener Boerse CEO Heinrich Schaller said in a statement that the new majority owner would invest intensive efforts for the development of the neighbouring stock exchange.
He said that the Vienna stock exchange was a long-term investor in the Slovenian market and would conduct cooperation primarily at the level of products, exchange of data and indices, a press release from Wiener Boerse says.
Marko Simoneti, the boss of the Ljubljana Stock Exchange operator, wrote in a press release that new ownership would bring numerous development and business opportunities for LJSE in Slovenia and abroad.
Simoneti believes that these would include better links with financial flows in the EU. "This is a big, developed and successful European bourse that wants to become an even more important player in the region," he wrote.
The Vienna stock exchange had said it would keep the seat of the LJSE in Ljubljana for ten years at least. It will also strive to develop the market for the same amount of time and not raise the prices of LJSE services.
Marko Jovic, a financial analyst, said the takeover would bring a needed refreshment to the Slovenian capital market. The Austrians would want to have their own man in the management, but are not likely to make major changes, he said.
The takeover was not a surprise for Jovic as the Austrian stock market operator had been pursuing a policy of regional expansion.
With today's move the Vienna stock exchange boosted its position on the capital market of Central and Southeastern Europe. In the next few weeks it will increase its stake in the Budapest bourse from 12.5% to 37.7%, while it also cooperates with stock markets in Bucharest, Sarajevo and Banja Luka.
Apart from Wiener Boerse, the consortium of owners of Ljubljanska borza picked Greek Hellenic Exchanges as the best bidders in April, allowing it to conduct due diligence, but then opted for the Vienna stock exchange.
The selected bidder will sign contracts with all the companies selling their stake in the stock exchange on Tuesday, said Arkas, the company coordinating the sale. Before the ownership transfer the buyer will have to acquire the go-ahead of the Competition Protection Office.
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