Ljubljana, 13 June (STA) - The state-owned KAD fund will sell its 16.4% stake in home appliances maker Gorenje to Chinese acquirer Hisense, despite initial assertions that it cannot offload the stock due to statutory constraints, Delo reported on Wednesday.
The decision was taken by the KAD supervisory board on Wednesday and KAD will not solicit approval from the government, Delo reported online.
The transaction, at the takeover value of 12 euro per share, will net KAD EUR 48m.
KAD is the single biggest shareholder of Gorenje.
Since the company is designated as an important investment in a national asset management strategy adopted by the National Assembly, KAD initially held that it cannot sell.
However, the Finance Ministry has repeatedly argued that the strategy is a political document, while the main job of the KAD board was to maximise the value for its single largest shareholder - the state.
If KAD had not accepted the Hisense offer, it would remain locked into the investment without having a significant influence on governance.
Hisense published the takeover bid for Gorenje at the end of May. It is believed that even without the KAD stake, it has already secured a majority stake.