Serbia Fines Alita, United Nordic for Failed Takeover of BIP
Serbia’s asset sale authority said Alita AB, a Lithuaninan distiller, and United Nordic Beverages AB were fined 16.9 million euros ($22 million) for their failed takeover of Beogradska Industrija Piva.
An arbitration panel of the Serbian Chamber of Commerce found the two must pay 5.1 million euros they promised to invest in the Belgrade-based brewery, plus 1.95 percent annual interest since Feb. 16, 2010, as well as 11.75 million euros for bringing the beverage maker to bankruptcy, Serbia’s Privatization Agency said in an e-mailed statement.
The 2007 purchase of a 51.9 percent stake in Beogradska Industrija, also known as BIP, for 21.4 million euros plus 5.1 million euros as pledged investment over three years, was canceled in 2010. The Agency said Alita and Nordic also have to pay the 23.55 million dinar ($266,600) cost of arbitration.