Balazic said that what had been agreed would be regulated with an Agrokor-Mercator cooperation agreement to be signed, which was part of the sales contract.
"We protected Mercator's interest as much as we could so that it can remain an important Slovenian company," he told reporters. "We feel we have secured Mercator's interest in a way that best protects shareholders, the employed and, in a way, Mercator's suppliers."
The cooperation agreement envisages keeping Mercator's headquarters and key functions in Slovenia and honouring the collective agreement with the workers.
Balazic said the chain's management supported the sales procedure on three conditions - using international capital and not a loan for the takeover; that the process be supported by the banks to which Mercator owed EUR 1.1 billion; and supporting development with a business strategy after the takeover.
Croatia's largest private company Agrokor in Ljubljana on Friday signed a contract to buy 53.12 percent in Mercator at the price of 240 million euros.
The majority of Mercator’s shareholders, including Nova Ljubljanska Banka d.d., Slovenia’s largest bank, and Pivovarna Lasko Group, signed the contract with Agrokor to sell the stake at 120 euros per share.
The acquisition is expected to create the largest retail chain in central and eastern Europe, excluding Russia, with annual revenue of up to seven billion euros. It would also employ about 60,000 people and have about 2,600 stores.
Agrokor has sought to buy Mercator for years to expand into neighboring Slovenia, a European Union member since 2004.
The completion of the transaction is expected by the end of this year, provided that regulators approve it and that Mercator's debt is successfully rescheduled.
Against a backdrop of media reports, the price of Mercator shares rose on the Ljubljana stock exchange by 9.3% to 103 euros on Friday morning. Shares in companies owned by the Agrokor group were also being targeted by investors on the Zagreb Stock Exchange this morning.
In late 2011, Agrokor offered a price of 221 euros per share in Mercator, but after its shareholders procrastinated, Agrokor dropped its non-binding bid to purchase a 52.1% stake in the Slovenian retail chain in February 2012. Agrokor said then that the decision to retreat from a possible deal was made after the failure to agree on satisfactory conditions with the selling party.
The possible sale of Mercator to Agrokor was met with opposition from trade unions in the retail sector, the then Slovenian finance and agriculture ministers as well as some other politicians. Furthermore, Mercator's management also showed reluctance, saying it should be taken into account that Agrokor was Mercator's biggest rival in the entire region of the Western Balkans and that upon the transaction Mercator might become dependant on Agrokor given Mercator's current structure.
In January 2013, the London-based ING bank, which the majority owners of Mercator had again chosen as a consultant in their renewed attempt to sell their shares in the Slovenian retail chain, prepared an invitation for the submission of non-binding bids and sent it to 70 prospective buyers, including Croatia's Agrokor.
In late April, chairman of Agrokor's Supervisory Board, Ivan Todoric, said Agrokor, along with another two potential buyers, had entered a second round of bidding for the Slovenian retail chain and that it would submit its offer by May 15 as required.
Commenting on Agrokor's takeover of Mercator, Croatian President Ivo Josipovic said in Rijeka on Saturday this would have a positive effect on the entire economy and that the acquisition of Mercator demonstrated that one part of the economy was vital.
The market will be broadened, and products from Croatia will be in several locations on the shelves in Slovenia, most probably the other way around as well, the president said.
Asked if the takeover would strengthen Croatia-Slovenia relations, Josipovic said it most definitely would and that the takeover was also an indicator of the improved bilateral relations and mutual trust.