Three companies have submitted binding formal offers in a bid for the takeover of majority ownership of Aluminij d.d. Mostar. The bids came from London-based EN+ Group, Mytilineos of Greece and the joint offer by Swiss-based Glencore, teamed with Feal of Široki Brijeg and Dalekovod of Zagreb. Glencore teamed with the two local companies whose initial offers were rejected in the first round.
The Lithuanian consortium UKIO Bank Investment Group (UBIG) entered an unsolicited bid despite having been eliminated from the first round of nonbinding offers. It’s initial offer failed to meet the first round requirements according to officials from the FBiH Privatization Agency despite being the highest monetary bid. There second bid has also been rejected according to Enes Ganić director of the Federation of BiH Privitization Agency.
The evaluation of bids will be announced by October 9. Some members of the FBiH government are pushing for the whole process to be cancelled after the privitization commission adopted a tender procedure that is not addressed under Bosnian law. Recently, Ganić termed the remaining bid ‘brazen’ and questioned whether any would accepted.
