September 10 (SeeNews) - Croatian meat producer Braca Pivac said it plans to launch a joint buyout bid with local trading company Kras-ESOP for the remaining stake of 50.82% in confectionery producer Kras [ZSE:KRAS] the two firms do not own yet.
Braca Pivac, the largest single shareholder in Kras, has started negotiations with the second-largest shareholder, Kras-ESOP, to jointly launch the takeover bid, Pivac said in a statement on Monday.
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Braca Pivac said it expects Kras-ESOP to take a final decision on whether to join the buyout bid within 15 days. However, even if Kras-ESOP decides not to join, Braca Pivac will proceed with its buyout offer.
At present, Braca Pivac owns a 30.73% stake in Kras, whereas Kras-ESOP holds 18.45%. The remainder belongs to smaller shareholders.
The meat producer said in the same statement that its net profit rose to 59 million kuna ($8.8 million/8 million euro) last year, from 32.9 million kuna in 2017.
Kras' shares traded 10% lower at 450 kuna by 1140 CET on Tuesday after rising 1.63% on Monday.
(1 euro = 7.39312 kuna)