November 5 (SeeNews) - Croatian sugar factories Tvornica Secera Osijek, Viro and Sladorana have completed the process of combining their capacities for sugar production and sales into a new company - Hrvatska Industrija Secera (Croatian Sugar Industry), they said.
The three companies have concluded all remaining agreements, following which the process of unification of the Croatian sugar industry has been completed, the companies said in a statement filed with the Zagreb Stock Exchange last week.
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The operation was completed via uniting the production capacities, the know-how and business experience of the three companies, and transferring their assets to the newly created business entity.
The concentration, which aims to consolidate the Croatian sugar industry and create a more efficient business entity, received the approval of the country's competition authority in March.
According to earlier announcements from the three companies, Tvornica Secera Osijek will hold a 40% stake in Hrvatska Industrija Secera, while Viro and Sladorana will own 60% shareholding interest among themselves.