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Croatia's Podravka makes binding bid for Foretnova agri unit

Jun 14, 2024, 4:13:39 PMArticle by Annie Tsoneva
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June 14 (SeeNews) - Croatian food and pharmaceuticals manufacturer Podravka [ZSE:PODR] said it submitted on Friday a binding bid for the agriculture division of local Fortenova Group.

Croatia's Podravka makes binding bid for Foretnova agri unit
Source: Zvijezda

"After closing the due diligence process, Podravka submitted a binding offer for the acquisition of the business shares in Fortenova Group’s agricultural companies on June 14, 2024," Podravka said in a filing to the Zagreb bourse. It did not disclose the value of the bid.

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.

Fortenova said earlier it has invested heavily in the agricultural unit in recent years. Notably, one of the major investments made last year was the renewal of agricultural machinery, costing over 60 million euro ($64 million).

On Wednesday, the European Commission approved the acquisition of sole control of Fortenova Group MidCo B.V., the Dutch holding company that fully owns Fortenova, by Croatian businessman Pavao Vujnovac.

The Foretnova group’s results for 2022 showed a net consolidated revenue exceeding 5.2 billion euro, adjusted EBITDA of more than 300 million euro, and 1.1 billion euro of net debt.

Podravka’s shares traded 0.97% lower at 153 euro intraday on the Zagreb bourse on Friday.

($ = 0.936 euro)

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