Fortenova Starts Due Diligence Regarding Possible Sale of Company Stake

Total Croatia News

Updated on:

Image: Fortenova/LinkedIn
Image: Fortenova/LinkedIn

Fortenova Group can confirm that due diligence regarding the possible sale of a stake has started but it cannot comment on any details, the group said in reply to a query from Hina.

Fortenova Group executive director Fabris Peruško said on Thursday he expected the Russian state bank Sberbank to sell its interest in Fortenova Group.

The Russian bank, which holds a 40% stake in Fortenova Group, is the group’s biggest single shareholder.

The possible sale can be considered a consequence of sanctions Russian banks have been exposed to due to the Russian aggression against Ukraine. Another Russian bank, VTB, holds a stake in Fortenova as well, of 7%.

The Jutarnji List daily issue of Friday says that talks are presumably being held with several potential buyers. According to unofficial information available to the daily, the Hungarian investment fund Indotek Group, majority-owned by one of the wealthiest Hungarians, Daniel Jellinek, is seriously interested in buying the stake.

Indotek Group is a financial conglomerate owned by Hungarian and US investors, specialising in real estate, financial services as well as logistics and transport.

Fortenova Group d.d. was established in early April 2019 following a successful settlement between Agrokor food retailer’s creditors. The group has more than 50,000 employees and operates in three core activities: agriculture, retail and food, as well as non-core operations.

For more, check out our business section.


Subscribe to our newsletter

the fields marked with * are required
Email: *
First name:
Last name:
Gender: Male Female
Please don't insert text in the box below!

Leave a Comment