ZAGREB (Croatia), September 5 (SeeNews) – Croatian food concern Agrokor said on Friday it has launched a bid to buy the 48.08% of shares of food retailer and wholesaler Zitnjak that Zitnjak's subsidiary, bakery Mlinar, does not already own, at a price of 858.06 kuna ($172/120 euro) per share.
"The aim of the bid is to use the growth potential of the company and boost its business by expected significant cost cutting in distribution, easier access to financial resources and institutions that is necessary to make investments and develop the company further," Agrokor said in a statement. It expects also synergy effects with the other members of the concern.
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The equity capital of Zitnjak is 141 million kuna, distributed in 205,643 shares with a face value of 690 kuna each.
The shares of Zitnjak closed at 830.05 kuna on the Zagreb bourse on Friday, up 3.76%.
Agrokor also announced on Friday a buyout for Mlinar where it holds 50.212%. Agrokor’s shares are not listed on the bourse.
(1 euro = 7.1371 Croatian kuna)