June 8, 2018 / 1:09 PM / 4 months ago

Russia's Sberbank to get 40 pct of Croatia's Agrokor after debt conversion

MOSCOW, June 8 (Reuters) - Russia’s top bank Sberbank will get a 40 percent stake in indebted Croatian food group Agrokor after converting the bank’s debt into equity - a deal which is expected to be signed on June 28, Sberbank Chief Executive German Gref said on Friday.

He told reporters the bank was included in list of creditors with a 650 million euro claim. As part of the deal, the bank will also become the owner of another company, Mercator.

Gref said Sberbank did not plan to sell its stake in Agrokor now, despite some interest. Sberbank will hold a combined 46-48 percent stake in the group of companies, he said.

Last month, Agrokor secured the support of a majority of creditors for a debt settlement deal under which all the firm’s assets will be transferred to a new company owned by creditors, with Sberbank set to became the biggest shareholder. (Reporting by Tatiana Voronova; Writing by Katya Golubkova; Editing by Mark Potter)

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