May 3, 2017 / 6:57 AM / 8 months ago

Italy's Palladio agrees new deal to buy Slovenia's Cimos -report

LJUBLJANA, May 3 (Reuters) - Italian investment fund Palladio Holding Group will buy Slovenian car parts maker Cimos after it pulled out of a similar deal in February, Slovenian daily newspaper Dnevnik reported on Wednesday.

Cimos, which employs about 4,000 people in Slovenia, Croatia, Bosnia and Serbia, was put up for sale by Bank Asset Management Company (BAMC), Slovenia’s state-owned “bad bank” which is also Cimos’s biggest shareholder, in 2015. Dnevnik said Palladio has already paid 100,000 euros ($109,000) for Cimos and will also take over 110 million euros of Cimos debt. Palladio will inject 20 million euros in Cimos immediately after the takeover and another 50 million in the next three years, according to the report.

It said Cimos’s shareholders were due to approve the deal in the coming days.

Palladio Holding and BAMC gave no immediate comment.

Palladio pulled out of buying Cimos in February due to a disagreement over repayment of part of Cimos’s debt held by the Croatian Agency for Deposit Insurance and Bank Resolution (DAB).

Dnevnik did not say how that issue had been resolved.

BAMC, which was established in 2013, acquired 47.5 percent of Cimos over the past few years by taking over Cimos’s debt. ($1 = 0.9158 euros) (Reporting By Marja Novak; Editing by Susan Fenton)

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