Podravka announced on Tuesday that it has received approvals from the relevant competition protection agencies for the acquisition of 51.55 percent of shares in Slovenian Žito and that it expects to close the transaction in early October.
On April 21, 2015, Podravka entered into a purchase agreement with a consortium of sellers for the acquisition of 183,386 shares of the Ljubljana company Žito. The consortium of sellers includes Slovenski državni holding, Modra zavarovalnica, KD Kapital, KD Skladi, Adriatic Slovenica, and NLB Skladi. Under this agreement, Podravka will acquire a majority stake of 51.55 percent of Žito shares at a price of 180.1 euros per share, amounting to a total of 33.027 million euros.
After receiving all relevant approvals from the competition protection agencies, Podravka emphasizes that it can now begin fulfilling the remaining contractual conditions necessary for acquiring the majority stake in Žito. The company states that it expects to close the transaction in early October this year.
Upon completion of this transaction, the Podravka Group will rank among the top in the food industry in the Slovenian market, with an annual revenue of approximately 900 million kuna. The total consolidated annual revenue of the Podravka Group after the acquisition of Žito will amount to around 4.5 billion kuna, according to Podravka.
Podravka shares were up more than 1 percent at around 10:00 on the Zagreb Stock Exchange, priced at 327 kuna, making it the third most liquid stock with a turnover of 340,000 kuna.
