Ljubljana, 19 April (STA) - The government adopted amendments to the takeovers act on Thursday, raising the threshold at which an investor must publish a takeover bid for the acquired company from 25% of the share capital to a third of voting rights.
The government says the change is designed to revive the capital market
and attract foreign capital.
$In 2011 the annual turnover [on
the Ljubljana Stock Exchange] was EUR 470m, in 2007 it was EUR 2.2bn,$
Economic Development and Technology Minister Radovan Žerjav told the press
after the cabinet session.
The higher threshold is also in line with
takeover thresholds in other EU member states and rules on reporting on
acquisitions of qualified shares.
According to Žerjav, Slovenia's
current threshold is among the lowest in the EU.
threshold, originally proposed by the Securities Market Agency (ATVP), will
also be a welcome reprieve for many wholly and partially state-owned
companies, which are treated by the watchdog as associated companies by
virtue of their state ownership.
Just last week the ATVP froze the
voting rights of six state-owned companies that hold a combined 27.48%
stake in the pharma company Krka, citing their failure to publish a
takeover bid or keep their combined share below 25%.