NLB, Slovenia’s largest bank, has announced a voluntary takeover bid for Austria’s Addiko Bank, with an offer of €20 per share, adjusted for any dividends issued between the announcement and the completion of the takeover. This values Addiko at approximately €390 million.
NLB aims to secure at least 75% of Addiko’s shares, with full details to be revealed in a webcast scheduled for June 10. This move follows NLB’s initial expression of takeover interest three weeks prior.
Addiko Bank, which emerged from the defunct Hypo Alpe Adria, operates in Slovenia, Croatia, Bosnia-Herzegovina, Serbia, and Montenegro—regions that are also strategic markets for NLB. The bank is listed on the Vienna Stock Exchange and features a fragmented ownership structure, with no single shareholder owning more than 10% of its stock.
The bid from NLB comes in the wake of a proposal from Agri Europe, owned by Serbian businessman Miodrag Kostić, who already holds 9.99% of Addiko and has made an offer for an additional 17% at €17.50 per share. This offer remains open until the end of July.
In the competitive fray, Serbian businessman Davor Macura, through his company Alta Pay Group, directly owns 9.63% of Addiko but is reported to control a total of 36.5%, positioning him as another significant contender for the takeover, under Austrian law.
