Croatia's Fortenova gets three binding bids for agri unit – report

Food and pharmaceuticals manufacturer Podravka [ZSE:PODR] said on Friday that it has submitted a biding bid for the unit without disclosing its value.

Apart from Podravka, two other candidates - Hungary’s Meszaros Group and a consortium of Croatian agricultural companies Zito and Osatina Group - have submitted bids, daily Jutarnji List reported on Monday afternoon citing unofficial information.

By the time this story was published, Meszaros and Zito had not answered emails by SeeNews seeking confirmation and details about the offers.

Fortenova did not provide any update on the binding bids when contacted by SeeNews.

The values of the bids have not been disclosed but according to Jutarnji they could be around 300 million euro ($322 million).

Fortenova is expected to pick a buyer by July 1, it added.

Formerly known as Agrokor, Fortenova is Croatia’s top employer, largest retailer and a major food producer. Its agriculture division includes meat producer Belje, cooking oil producer Zvijezda and food producers PIK Vinkovci, Vupik, Agrolaguna, and PIK Vrbovec.

In late March Fortenova said it has received a number of non-binding offers for its agriculture division without elaborating any potential buyers.

Podravka’s shares closed 3.59% higher at 158.50 euro on Monday. Trading has not started on Tuesday on the Zagreb bourse.

($ = 0.932 euro)