LJUBLJANA (Slovenia), February 27 (SeeNews) – Italy's TCH Cogeme, a unit of investment firm Palladio Holding Group, denied on Monday media reports that it has not pulled out conclusively from a deal for a 92% stake in Slovenia's ailing car parts maker Cimos Group.
"The decision made by TCH Cogeme to withdraw from the intended transaction has already been reported to the consortium of sellers," it said in a short press release sent to SeeNews by its representative, Slovenian investment company Alta Invest.
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Last week, the Italian company announced it has dropped the deal inked in October following a disagreement between Cimos and the Croatian Agency for Deposit Insurance and Bank Resolution (DAB), towards which the company has an unpaid debt.
Some 15 years ago Cimos took out a loan from Rijecka banka - a Croatian lender which later ceased to exist and its claims were taken over by DAB. TCH Cogeme had hinged the purchase of the company on Croatia and Slovenia resolving their dispute by the end of January. After they failed to do so, the Italian company pulled out.
"On February 20, 2017, we announced that certain suspensive conditions, which should have be completed no later than January 31, still haven't been met. Consequently the legal documents concluded with a consortium of sellers automatically expired," TCH Cogeme explained.
Local media, however, recently reported that Croatia and Slovenia are close to signing a deal on the debt, which, they speculated, could mean TCH Cogeme would go ahead with its initial plan to purchase Cimos.
The Koper-headquartered group manufactures mainly turbo compressor and turbine housings, power train components, chassis and car-body parts. Cimos has a production footprint in four countries across Southeast Europe.
($=0.9448 euro)