Kraš-ESOP Assembly Votes against Deal with Braća Pivac

Total Croatia News

ZAGREB, September 30, 2019 – The assembly of Kraš-ESOP – the Employee Stock Ownership Plan at the Kraš confectioner – on Monday voted against an agreement for joint action with the Braća Pivac meat industry group, Zrinka Vrhovski of Kraš-ESOP said.

The decision was made following a debate and it was concluded that the reason to vote against the proposal for joint action with Braća Pivac was that Kraš-ESOP may not be able to ensure a sustainable financial scheme for the joint takeover of Kraš, Vrhovski said.

She noted that the only reason why the Employee Stock Ownership Plan was established was to preserve the right of workers to participate as shareholders in the confectioner’s ownership structure.

That is a way of protecting jobs, non-tangible and other workers’ rights. It promotes social dialogue within the company and motivates Kraš workers to achieve better results and to further develop the company, Kraš-ESOP said on Monday.

Following announcements of a possible takeover of Kraš, its shares were the most traded on the Zagreb Stock Exchange last week, closing at a price of 1,000 kuna per share, up 17.65%.

The company’s shares have been in focus since September 9 when the largest shareholder, the Braća Pivac meat industry company, announced its intention to take over Kraš.

Last week the Kappa Star Limited, an investment company owned by Serbian businessman Nebojša Šaranović, continued increasing its stake in Kraš, passing the threshold of more than 16%.

More news about Kraš can be found in the Business section.


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