ZAGREB, November 23, 2019 – The Braća Pivac meat industry (Pivac Brothers Meat Industry) and the Kraš-ESOP (Employee Stock Ownership Plan) on Saturday concluded a sales agreement on the transfer of ESOP shares in the largest Croatian manufacturer of confectionery products to the Braća Pivac, the Zagreb-based Kraš stated today.
Under the agreement. MI Braća Pivac company purchased 276,441 ordinary shares, that is 18.44% interest, from Kraš small shareholder, at the price of 861.20 kuna per share or 238.1 million kuna for the whole transaction.
The price corresponds to the weighted average price of the Kraš share on the Zagreb Stock Exchange (ZSE) in the last three months.
The deal was achieved after the Kraš ESOP held a general assembly on Saturday morning when it instructed the management on negotiations with potential buyers.
Apart from the agreement on the shares transaction, also an agreement on social partnership between the Braća Pivac company, Kraš workers and the trade union of workers in agricultural and food producing industries (PPDIV) was concluded defining the obligations of MI Braća Pivac for further investments in Kraš, protection of the rights of the Kraš employees and the maintenance of the existing production plants at the same locations.
MI Braća Pivac management board chair Ivica Pivac was quoted as saying that the group sees Kraš as one of the up-and-coming producing companies in Croatia and that the new owner would like to advance the production of this sweets manufacturer.
He said that he was glad that workers recognised the Pivac group as a steady partner for Kraš.
Today’s acquisition makes the Pivac group one of the biggest food producing companies in southeast Europe and some 5,000 employees are on its payroll.
More news about Kraš can be found in the Business section.