Croatia's Granolio to take over Zito's milling business

The deal concerns the acquisition of Zito’s assets and employees together with the organisational structure for production and distribution of wheat and maize flour, Granolio said in a filing to the Zagreb bourse.

Financial details were not disclosed.

The deal is subject to approval by the local market competition authority, AZTN.

Zito is owned by local businessman Marko Pipunic. It is active in agricultural production, animal breeding, meat processing, cooking oil production, fodder production and energy.

Zito is the leading trade and agriculture company in eastern Croatia. It was founded in 1992 and has over 1,500 employees. Zito Group's assets include edible oil factory, wheat and corn mill, seed processing plant, animal feed factory, biogas production plants and meat production plants.

Granolio’s s shares last traded on January 24, ending 1.34% lower at 7.35 euro ($7.96).

($ = 0.924 euro)