Ivan Savvidis Group acquired slightly more than 35 pct of shares in Souroti SA

Ivan Savvidis Group acquired slightly more than 35 pct of shares in Souroti SA, a Greek water bottling company, in the first five days of an offer period ending on Wednesday, 9 November.

In an announcement, Savvidis Group said it would address Souroti’s board council to call for an extraordinary general shareholders’ meeting with the aim to discuss a share capital increase plan, a process that will give Savvidis Group the ability to move forward with the implementation of its development plan for the company.

Coca Cola HBC, currently holding around 20 pct of shares in Souroti, is also interested in buying the water bottling company and has extended a deadline -which ended November 4- in an offer to buy more shares from individual shareholders.

Market sources have begun discussing various scenarios over the development in the process, among them the scenario of Savvidis Group buying Coca Cola’s equity stake.

The municipality of Thermi, owner of a 16 pct equity stake in Souroti said it did not plan to sell their shares to either candidate. “We will maintain our stake but we will not raise any hurdles to any businessman. We will help any businessman who plans to develop Souroti and to raise job positions,” Theodoros Papadopoulos, mayor of Thermi said recently.

Souroti holds a dominant position in the sparkling mineral water sector in Greece, with a market share of 55 pct.