Croatia's Ledo in 150 mln kuna (20 mln euro) deal to take over Ledo Podgorica

The deal price for the 100% stake in Ledo Podgorica is 150.1 million kuna ($26.4 million/19.9 million euro), Ledo said in a bourse filing.

Earlier this month, Ledo raised 750 million kuna through a share offering to fund the takeover from Agrokor of Ledo Podgorica and Serbia's Frikom.

Privately-held Agrokor owns 78.85% of Ledo and 95.83% of Frikom.

The acquisition move aims to consolidate the ownership structure of Agrokor’s ice cream and frozen food division, bringing into the Ledo fold the only group companies on that segment that are not currently under its umbrella.

Ledo’s core markets are Croatia, Serbia and Bosnia and Herzegovina where it holds leading market positions in both ice cream and frozen food.

Based in Zagreb, Agrokor is the largest company in Croatia, with operations in food and beverages, as well as food retailing.

(1 euro = 7.5494 Croatian kuna)