Slovenian trade union urges legislative change after Helios deal

The Association of Free Trade Unions of Slovenia (ZSSS), the largest trade union in the country, on Friday called on the government to draft legislative changes following the sale of the Domzale-based coatings maker Helios to Japanese Kansai Paint, according to a report by Slovenian Press Agecny (STA).

Kansai Paint signed the deal with Helios owners, Ring International Holding, Franklin Templeton and GSO fund in Vienna, Austria, on Tuesday at a price of 572 million euros.

The price is nearly four times as much as the 145 million euros when the government privatized the company and sell to an Astrian company in the autumn of 2013.

The STA report quoted the ZSSS as saying that the government should come up with legislative changes to prevent the under-price sale of state assets and to allow completely transparent process.

The big difference between the two sales prices of Helios in 2013 and this year has been a sticking point for many commentators.

But some analyses believe that the company was thoroughly restructured, streamlined and deleveraged, plus it was merged with Ring's coatings division Rembradtino are possible reasons for the price hike. Endit