Sun, May
69 New Articles

Zivkovic Samardzic Successful for Titan Against Minority Shareholder Claim

Zivkovic Samardzic Successful for Titan Against Minority Shareholder Claim

  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

Zivkovic Samardzic has successfully represented Titan, an international cement and building materials producing group headquartered in Athens, in a dispute with former minority shareholders of Cementara Kosjeric, the group’s Serbian subsidiary, relating to the 2009 squeeze-out of minority shareholders, which was governed by the 2006 Securities and Other Financial Instruments Act in force at the time.

According to Zivkovic Samardzic, in 2002 Titan acquired 70% of shares of Cementara Kosjeric, a cement plant in Western Serbia, through privatization. At the same time, 7.93% of the company’s shares were distributed free of charge to employees, while 22.07% of shares remained state-owned. In December of 2008, Titan acquired the state-owned package of shares and made an offer to the minority shareholders, which was accepted by some and resulted in the group’s owning more than 95% of shares, thus exceeding the threshold for squeezing out the remaining minority shareholders. The squeeze-out was enforced in 2009 with no formal objections made by any minority shareholders. Subsequently, in 2014, a group of ten minority shareholders decided to sue, claiming certain alleged irregularities related to the sale of state-owned package of shares. The Commercial Court in Belgrade rejected the claim in 2017 — a ruling that the Commercial Appellate Court upheld on appeal, finding that the squeeze-out was enforced in full accordance with the 2006 Securities and Other Financial Instruments Act.

The Zivkovic Samardzic team representing Titan was led by Partner Igor Zivkovski and Of Counsel Milos Zivkovic.


Serbia Knowledge Partner

The oldest full service commercial law firm in Serbia, founded in 1991, JPM with three decades of experience in assisting local and international businesses presence and growth not only in Serbia but throughout the SEE region.

We have accumulated a wealth of knowledge in every industrial and corporate sector, from energy to banking, transport, manufacturing and telecommunications, while remaining true to a pioneering spirit that has always drawn us to follow the latest trends and developments in providing of our services to clients. Today we use the latest legal tech available in serving our clients and are expanding our services to clients from growing industries such as renewable energy, IT and life sciences, by offering innovative solutions and a pro-active approach to broaching new grounds.

Our expertise, experience, and commitment to professional excellence mean we are routinely involved in landmark cases and transactions, while our high standing among clients and peers sees us ranked among the leading law firms by independent guides such as Chambers & Partners, Legal 500, and IFLR1000.

We are known for working closely with clients and treating their problems as our own. Our lawyers pride themselves on being team players, fast and available, specialised in terms of practice area and industry, but versatile and creative in their thinking. We believe our advice should be tailor-made and that even the thorniest issue has a legal solution.

Our membership of Lex Mundi (the world’s premiere network of independent law firms) and the TLA (a regional alliance of leading firms from Slovenia, Croatia, Bosnia and Herzegovina, Montenegro, North Macedonia, and Serbia) means we have close working relationships with first-rate firms throughout the region and around the world, enabling us to operate as the perfect hub for SEE and other multi-jurisdictional transactions.

Firm's website: http://jpm.rs/

Our Latest Issue