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Apollo considers higher bid for Slovenian bank: report
September 19, 2017 / 12:04 PM / a month ago

Apollo considers higher bid for Slovenian bank: report

LJUBLJANA (Reuters) - U.S. investment fund Apollo Global Management (APO.N) was one of two bidders for a 55 percent stake in Slovenia’s Gorenjska Banka (GBKR.LJ) and is now considering making a higher offer, a newspaper reported on Tuesday.

Apollo and the other bidder, Serbia’s AIK bank AIK.BEL, have both been asked to improve their bids after Apollo offered 235 euros a share for the stake, while AIK offered 285 euros per share, according to daily newspaper Delo.

The offers valued the whole bank at 91.2 million euros ($109 mln) and 110.6 million euros, respectively.

Apollo has now asked for additional due diligence on Gorenjska with a view to making a higher offer, Delo said.

Apollo was not available for comment while Gorenjska and its biggest shareholder Sava said they could not give details on the sale process.

Sava, a finance and tourism company which owns 37.7 percent of Gorenjska, teamed up with other shareholders last year to put up for sale about 55 percent of the bank.

AIK already owns 21 percent of Gorenjska, which is one of Slovenia’s smaller banks.

Some of the biggest banks in Slovenia are still state run and the rest are owned by foreign banks and investors, including France’s bank Societe Generale (SOGN.PA), Italy’s Unicredit (CRDI.MI) and Intesa Sanpaolo (ISP.MI), Russia’s Sberbank (SBER.MM), Austria’s Sparkasse and Addiko Bank.

Reporting By Marja Novak; Editing by Susan Fenton

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