Agri Europe Cyprus, a holding owned by Serbian businessman Miodrag Kostic, is preparing to announce an offer to acquire additional shares of Austria’s Addiko Bank AG in mid-May, Ekapija.com reported on April 29.

The Austrian Takeover Commission has disclosed that the bid will be unveiled "between May 13 and May 16, 2024.

This announcement comes after Agri Europe's initial acquisition of a 10% stake in Addiko Bank on March 25, prompting the company to voluntarily initiate an offer to procure an additional 17% of the bank's shares.

Originally, Agri Europe was expected to notify regulators of its offer by April 10. However, citing "changed circumstances," the company petitioned for an extension of the deadline until April 24.

Of particular interest is Agri Europe's clarification that it does not operate in collaboration with the Serbian Alta Pay group. This comes in response to Alta Pay's announcement on March 28, revealing its acquisition of a 9.63% stake in Addiko Bank and hinting at option agreements with other shareholders to potentially increase its ownership to 29.59%.

Except in Serbia, Addiko banking group is also active in Bosnia and Herzegovina, Croatia, Montenegro and Slovenia.

Kostic is the founder and proprietor of MK Group, an expansive conglomerate with a core emphasis on agribusiness, renewable energy, and tourism sectors.

On March 25, Agri Europe Cyprus announced its intention to launch all-cash voluntary offer at a price of €17.50 per share of Addiko Bank AG. The objective is to secure a maximum of 3,315,344 shares issued by Addiko Bank, representing around 17% of the bank's share capital, through this proposed offer.