The Pula-based Uljanik will buy an 83.33 per cent stake in the Rijeka-based 3. Maj for one kuna.
Under the contract, Uljanik has one year to offer 3. Maj's workers shares which exceed 75 per cent of 3. Maj's equity.
In line with European Union rules, the seller participates in the restructuring with 60 per cent and the buyer with 40.