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Review of the Slovenian Economy from 21 to 27 September

Ljubljana, 29 September - The Swiss pharmaceutical multinational Novartis last week failed to convince the two largest shareholders of the Slovenian pharmaceutical company Lek - the state-run funds KAD and SOD - that the offered takeover price of SIT 95,000 (EUR 416) a Lek share was acceptable. As a consequence, shareholders rejected proposed changes to the company's statute that would give way for a takeover. Nevertheless, Novartis decided to issue a public takeover bid. Also last week, the management of Zavarovalnica Triglav said after the Agency for Insurance Supervision launched a procedure to revoke its operating license that it is the privatisation of this largest Slovenian insurer that is in the background of the move. Meanwhile, the act on the privatisation of insurance companies was scrutinized in a public debate at the Constitutional Court, which was tasked to look into this piece of legislation and is expected to pass a final ruling at one of its upcoming sessions.

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