January 12 (SeeNews) - Croatia's largest privately-owned business group Fortenova will be able to make new acquisitions or mergers or dispose of assets up to the maximum amount of 500 million euro ($541 million) in 2023, it said on Thursday.
This and other decisions were adopted by more than 77% of the depositary receipt holders of Fortenova Group STAK Stichting, the ultimate owner of Fortenova Group, at a meeting held in Amsterdam, Fortenova said in a press release.
You can subscribe to our M&A newsletter here
The decisions of the assembly have also created the prerequisites for the refinancing of Fortenova Group’s existing debt and addressing various financial liabilities, also subject to the board of directors’ prior approval, Fortenova added.
At two previous shareholders’ meetings held last year, at which the same decisions were put forward, the majority required to adopt the decisions was not present because the sanctioned shareholder SBK Art, under control of Russia's top lender Sberbank, which holds 42.5% of voting rights in Fortenova Group STAK Stiching, was unable to participate in the voting due to the sanctions put on Russia following its invasion of Ukraine.
Pursuant to the STAK articles of association, Thursday's assembly was the third in a row with the same agenda and the adoption of the decisions required the support of 75% of all present shareholders. Fortenova is the successor to the collapsed food-to-retail concern Agrokor.
(1 euro = 0.925 euro)