INA and Prvo plinarsko društvo (PPD) acquired Petrokemija

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On 31 October 2018 INA and Prvo plinarsko društvo (PPD) as investors entered, with the Republic of Croatia, into the Capital Increase Agreement regarding Petrokemija, the largest regional fertilizer manufacturer listed on Zagreb Stock Exchange. The companies paid the aggregate amount of HRK 300 million (approx.  EUR 40 million) for 30,000,000 stocks of Petrokemija, thereby becoming majority owners of Petrokemija (and replacing the State in this capacity), holding more than 50% of the share capital and the respective control over Petrokemija. The transaction was carried out via INA’s and PPD’s joint venture company Terra mineralna gnojiva. The aim of this investment is to continue and develop Petrokemija’s manufacture of fertilisers. 

In this transaction, PPD was represented by Divjak, Topić & Bahtijarević Law Firm (by Senior Partner Damir Topić and Senior Associate Daniela Marasović). The transaction encompassed advice regarding joint venture, state aid, capital markets, merger approvals, takeover rules and environmental law.