Živković Samardžić, a leading independent law firm in Serbia, secured a significant victory for its client, TITAN, an international cement and building materials group. The case involved a dispute with former minority shareholders of Cementara Kosjerić, a Serbian subsidiary of TITAN, regarding a 2009 squeeze-out of minority shareholders.

TITAN had acquired 70% of Cementara Kosjerić in 2002 through privatization, with 7.93% distributed to employees and 22.07% remaining state-owned. In 2008, TITAN acquired the state’s shares and made an offer to minority shareholders, resulting in ownership exceeding 95% and triggering the squeeze-out, which was completed in 2009 without objections.

In 2014, a group of ten minority shareholders sued, alleging irregularities in the sale of state-owned shares. The Belgrade Commercial Court rejected their claim in 2017, and the Commercial Appellate Court upheld this decision, ruling that the squeeze-out complied fully with the 2006 Securities Act.

The TITAN team at Živković Samardžić was led by Miloš Živković.