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Podravka inks deal to buy 51.55% stake in Slovenian food company

Author: rmli
ZAGREB, April 21 (Hina) - The Croatian food company Podravka on Tuesday signed with a Slovenian consortium of sellers a contract on the purchase of a 51.55% stake in the Slovenian Zito food producer, at a price of EUR 180.1 per share, or EUR 33.03 million in total, the Koprivnica-based company said.

After the transaction is completed, Podravka Group will become one of the leading food companies in the Slovenian market, with an annual revenue of around HRK 900 million.

The group's consolidated annual revenue after Zito's takeover will be around HRK 4.5 billion, Podravka said.

Podravka CEO Zvonimir Mrsic said that Zito was a company with very good products, recognisable brands, well-organised operations and hard-working and competent employees.

Podravka and Zito have mutually complementing lines of products, with Zito's line including wheat and bakery products, rice, spices, teas, cereals and legumes, chocolate and candy.

(Hina) rml

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