Fortenova: Strong Interest in Acquiring Agricultural Companies, Podravka Interested

Fortenova Group reported on Thursday that it has invited selected bidders to continue participating in the process of potential sale of its agricultural business segment, and that the non-binding offers have shown strong interest in acquiring its agricultural companies.

Fortenova states that after receiving a number of non-binding offers for the acquisition of the agricultural business segment and additional discussions with bidders, it has decided to proceed with the next phase of the potential sale process by inviting a certain number of selected bidders to continue participating in the process through conducting due diligence.

The interest assessment process began with the sending of informational materials to addresses of potentially interested buyers, and the market test through non-binding offers has shown significant interest in acquiring companies from the agricultural business segment, they say at Fortenova.

This is an agricultural business that is significant in the overall agricultural production in Croatia and in which Fortenova Group has invested significantly in recent years, thereby increasing its overall value.

Regarding the process of selecting a strategic partner, it will, as in the case of the sale of the frozen food business segment, be directed towards those who, in addition to paying a fair price, will contribute maximally to the further development and preservation of employment and the tradition of agricultural production, emphasized Fortenova Group.

– We are pleased to enter the due diligence process with several exceptionally strong potential partners. Although we are now entering the due diligence phase, the completion of the process still depends on finding a strategic partner who will recognize the full value and potential of this activity and its people, stated the CEO and member of the Management Board of Fortenova Group, Fabris Peruško.

Fortenova Group reported at the end of January that it had begun the process of assessing interest for the potential sale of its agricultural business segment.

In the agricultural business segment of the group, companies Belje, PIK Vinkovci, and Vupik operate.

Podravka in the Game

Podravka reported on Thursday that it has joined the due diligence process in the sale of agricultural companies of Fortenova Group.

Fortenova Group invited Podravka to join the due diligence process in the sale of its agricultural companies, as stated in Podravka’s announcement on the Zagreb Stock Exchange.

– The due diligence process is still a non-binding process for both Podravka and the seller, as is the submission of the non-binding offer that preceded it, emphasized Podravka.

They state that “Podravka Group is strategically focused on business development that includes potential acquisitions, as well as investments and development of the agricultural segment.”

– However, Podravka will only make a decision on the potential submission of a binding offer for the acquisition of the agricultural part of Fortenova Group’s business after the completion of the due diligence process, emphasized Podravka.

Fortenova Group reported on Thursday that it has invited selected bidders to continue participating in the process of potential sale of its agricultural business segment, and that the non-binding offers have shown strong interest in acquiring its agricultural companies.

In the agricultural business segment of the Fortenova Group, companies Belje, PIK Vinkovci, and Vupik operate.