Other cigarettes from Rovinj soon - "British American Tobacco" to acquire Croatian TDR

(Photo: Ivana Vuksa)

Rovinj-based "Adris Group" agreed sale of Fabrika duvana Rovinj (TDR) to multinational company "British American Tobacco" (BAT), tportal.hr finds out.

After months of negotiations with interested buyers, only BAT stayed in the game and although sales contract has not been signed yet the assembly of "Adris Group" should confirm it.

When asked whether business was settled with BAT, they answered from Rovinj:

- It is true that Management at TDR, in line with the decisions of the assembly January 20 this year, is looking for the most favorable solution for long-term sustainability of TDR, including sales

Ante Vlahovic, president of the Management and a leading shareholder and his closest team made strategic decision on sale of TDR last year.

Due to strong market liberalization and fall of indicators at TDR, it is a logical decision although for Vlahovic it was very emotional which he sowed at the last assembly where did not want to vote on that issue symbolically. According to the analysis of investment company, Intercapital, takeover of TDR could total KN 1,7 and 2,7 billion.

Unofficial but reliable information of tportal, they say that BAT will oblige to keep production in Kanfanar for at least five years more. It is not known which stake at the end will be sold to BAT and "Adris" has repeated for a few times that they want to keep at least e 25% plus one share.

Let us remind, adviser in sale of TDR is JP Morgan bank and among the interested companies were "Japan Tobacco International" (international business of "Japan Tobacco"), "Philip Morris", "Imperial Tobacco", "China National Tobacco", etc.