Vjekoslav Gucić started negotiating the sale of Getro with five potential buyers. All the bidders committed to confidentiality until the final decision of the new owner.

We have received unofficial information that the five buyers are the following: Konzum, Spar, Kaufland and investment funds. Getro absolutely denies the sale.In October of last year, one could sense that Gucić was (once again) considering selling Getro. After six years, he ended his partnership with the European Bank for Reconstruction and Development (EBRD). He bought 8% of EBRD shares, which they received in 2002 for investing 9 million euro into Getro and managing 51 million euro of favorable loans with the support of Raiffeisen Zentralbank. Getro reorganized the company in the beginning of 2009, firing 200 people. According to the June 2008 data, he employed 1681 workers.Getro has 17 stores, covering an area of 80.000 m2, in 14 cities from Dubrovnik to Umag and Osijek, with an additional distribution center covering an area of 13.700 m2. Investments into network expansion were mostly in 2003, reaching over 195 million kunas. The last store was opened in Umag in February 2006, while the announced expansion onto the Serbian market did not come to fruition. In 2003, Getro was the second biggest retail chain in Croatia, falling into sixth place in 2007. From 2005 – 2008 there is also a decrease in profits. Getro representatives commented briefly on the 2008 results, “sales have decreased in the last couple of years, which resulted in a 9% increase in the EBITDA in comparison to 2007’’. Certain media quote a revenue growth of 25%; if true, this would mean a jump of 2,4 billion kunas. Gucić has negotiating experience. Unlike Getro who is consistently denying the sale, the Slovenian Mercator at one time confirmed that Zoran Janković and Gucić were close to reaching a deal. One of Poslovni Dnevnik’s sources commented that Spar was very interested in Getro. However, Gucić was allegedly interested in selling to the French company Carrefouru, failing to close the deal. He is keeping the price for Getro high, but today’s insolvent market situation is not to his advantage. Analysts mostly agree that, if Gucić does not (again) reconsider; he should be able to find a buyer among the above-mentioned companies, Konzum, Spar, Kaufland and the investment funds. Our source thinks that more analysts hold the opinion that the Getro buyer will not be a company no already operating on the Croatian market. Ivica Todorić is allegedly delaying payments to suppliers because of Getro. After the purchase of Lokica, the Croatian Competition Agency (AZTN) dwelled on the question of the domination of Konzum in the Croatian market. It conditioned the take-over with a string of obligations, such as the provision to close or sell stores in the Šibensko-Kninska County. If Gucić decides in favor of Todorić, he may just have to find a different owner for four of his stores in Zagreb. According to AZTN, Konzum is the biggest retail chain in Zagreb, with Getro close behind. Either Spar, Kaufland or somebody else could fill this ‘’vacuum’’ in Zagreb.
(pd)