Russia's Sberbank Eyes Agrokor's Serbian Assets

Russian bank Sberbank has initiated proceedings before the Commercial Court in Belgrade, Serbia, to acquire two companies owned by the troubled Croatian retail giant Agrokor.

Sberbank launched the court proceedings on the basis of loans it gave to two companies, Jamnica and Konzum, which are owned by Agrokor - and which in turn own Mivela and IDEA in Serbia.

The Serbian Business Registry said court decisions permitting the sale of 100 per cent of Agrokor's share in Mivela become valid in July.

The case is the same with IDEA, which managed Agrokor's retail network until 2013, and is owned by the Agrokor company Konzum.

Sberbank allegedly seeks the return of 1.1 billion euros in loans from Agrokor, which in Serbia, besides Mivela and IDEA, owns Dijamant, Frikom, Kikinda Mills, Mercator S, and Nova Sloga.  

Serbian economic journalist Misa Brkic said he expected Sberbank either to rent out the acquired Agrokor companies to a Serbian business, or sell them.

He said the bank's goal would be "to sell it to the one who offers more money". Brkic told BIRN that he expected considerable interest on the part of Serbian businessmen in the firms.

The owner of the Serbian company Swisslion, Rodoljub Drakulic, said on April 27 that he wanted to take over Agrokor's companies in Serbia.

If he succeeded, "By the end of the year, I would complete the financial consolidation of the Agrokor system in Serbia [and] all its loans will be repaid in the next two years," Draskovic told the Nedeljnik weekly.

Brkic said Russia had a strategic interest in Agrokor's retail network in Serbia, which Mercator S manages there.

"Agrokor has retail stores in Croatia, Slovenia, Bosnia and Serbia, so the...