The Bank Assets Management Company (BAMC) is to finalize its negotiations on the sale of Cimos with the Italian equity fund Palladio Finanziaria this week. Cimos is a Slovenian company which employs around 4.000 workers, both at home and abroad. According to our sources the two sides have already agreed on all the key legal issues.
Promises of millions of euros of investments
The representatives of the Italian buyer met with the Cimos management and workers in Koper and have already signed an agreement. In it the Italian investor promises to invest 35 million euros of fresh capital in Cimos, and not only 20 million as it was first planned. Later, in the next two years, the Italians are to invest an additional 50 million euros.
Headquarters in Koper, the company trademark remains
The agreement says that worker salaries will stay at the same level, in line with the still valid collective agreement. However, some workers will have to be let go. It is not yet clear how many workers at the company’s manufacturing plants in Slovenia and Croatia will lose their jobs, but the deal does envisage a 15% higher severance pay than required by law. The Italians have also made a commitment to keep the company headquarters in Koper. They also promise to preserve the Cimos trademark. Palladio Finanziaria will also respect all the regulations regarding the use of Slovenian language in the company.
It withdrew, but then returned
As a reminder, prior to withdrawing from the deal at the end of February, and then returning to the table again, the Italian fund offered a symbolic purchasing price of 100.000 euros. At the same time it also expressed readiness to take over the company debts, amounting to a good 100 million euros. One of the key obstacles then was Cimos’ debt to Croatia, for which the government ministers reached a 7 million euro settlement at a meeting at Otočec.
What from the previous agreements is still valid?
It is not known whether all the previous agreements are still valid, as all those well-informed on the matter are keeping silent. There have been no comments on the issue, not from the BAMC, the Italians nor the relevant ministry.
However, according to unofficial information, the deal is very close to being finalized. Perhaps more will be known later in the week.

Elen Batista Štader, TV Slovenija; translated by K. J.