Several months ago, Palladio Finanziaria signed a purchase agreement to take over a 92-percent share in Cimos under one condition: the settlement of a dispute between Slovenia and Croatia. The dispute has since been settled. The Italian company is still not commenting on its decision or its plans, but representatives of the Koper-based company are very optimistic.

Cimos' employees were left in uncertainty as they waited to see what the Slovenian and the Croatian governments would do. After Monday's ministerial agreement – signed just a day before the deadline set by the Italian side --, it was up to the Croatian government to make its decision.

Minister Goran Marić presented his proposal: "After negotiations with my Slovenian colleague Počivalšek, DUTB first increased its offer to five million euros, and then, on January 30, to seven million, which will be paid in 15 days. Because this will solve a 20-year dispute and save 4000 jobs, 1200 of which are in Croatia, while keeping production in Croatia, we are recommending that our government accept this proposal."

In part because of substantial pressure from Istria, where Cimos has three factories, Prime Minister Andrej Plenković agreed to the proposal. Is it also acceptable to the Italian investor? "No comment," they say, but Cimos' Chairman of the Board Gerd Rosendahl has issued a written statement: The acceptance of the agreement by Croatia allows for the conclusion of the privatization process, as has been planned. The decision also enables the uninterrupted functioning of the Cimos Group in all regions and the continued employment of approximately 4000 people.

Cimos was brought to the verge of bankruptcy by excessive loans, and has been struggling for a decade. Its new owner, Palladio Financaria, announced some time ago that it could return the company into the black within two or three years.

N. U. T. (RA SLO)
Translated by J. B.