Report: Zsolnay majority owner fears ‘hostile takeover’

History

The majority owner of Hungarian porcelain manufacturer Zsolnay Porcelánmanufaktúra aired concerns about what it believes could be an “intended hostile takeover” supported by “representatives of the minority owner”, Hungarian news agency MTI reported this morning, citing a statement issued yesterday.

Majority owner Bachar Najari, a Syrian-born businessman who acquired a 74.5% majority stake in the company from now minority owner Pécs local council in 2013, said in the statement that the move by the Hungarian government this February to declare the company of “strategic importance” was made in order to facilitate the takeover, MTI reported. Such companies receive special treatment in a bankruptcy procedure, however, the majority owner said the company pays its bills and local taxes on time. 

In response to the majority owner’s statement, the local council of Pécs, indirect minority stakeholder of 19% of the company, said the majority owner was averse to its wish to look into the companyʼs books, MTI reported, adding that the local council did not say whether it wanted to part with its stake in the company.

Citing public records, the news agency said Zsolnay had a loss of HUF 28 million on revenue of HUF 711 mln in 2014.

HUPX Joining Serbian, Slovenian Peers in Adex Power

HUPX Joining Serbian, Slovenian Peers in Adex

Moldovan Pensions to be Increased as of April 1 World

Moldovan Pensions to be Increased as of April 1

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic... Appointments

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic...

Hungarian Wine Marketing Agency to Host Summit Drinks

Hungarian Wine Marketing Agency to Host Summit

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.