Russia’s state-owned Sberbank will quickly not be the biggest shareholder in Fortenova Crew, the Croatian meals, agriculture and retail enterprise in the past buying and selling as Agrokor.
Fortenova, which emerged underneath a brand new identify in 2019 from the restructuring of Agrokor, stated Sberbank has signed an settlement with funding corporate Indotek in Hungary for the sale of its 44% stake within the agri-food workforce.
The transaction is matter to regulatory approvals in “a number of markets”, Fortenova stated in a observation posted on its web site. No monetary main points have been equipped.
Sberbank, Russia’s biggest lender, has been sanctioned by way of the USA over Vladimir Putin’s invasion of Ukraine. Additionally it is the topic of an asset freeze by way of the United Kingdom.
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The financial institution’s stake in Fortenova was once constructed up ultimate 12 months when Sberbank swapped its stocks in Slovenian meals store Mercator. The Russian lender had held 39.2% of the Croatian workforce following a debt-for-equity switch in 2018, a 12 months after Agrokor was once put into state management amid accusations of fraud by way of founder Ivica Todoric.
Fabris Peruško, Fortenova’s CEO and board member, stated: “We welcome the access of Indotek, which we recognise as a long-term strategic spouse, into the co-ownership of the Fortenova Crew and we are hoping and be expecting that during the following few months the entire approvals required to finish the sale and buy of stocks might be acquired.”
Fortenova additionally owns the Croatian grocery store chain Konzum. In meals, the gang manufactures margarine, cooking oils, mayonnaise and ice cream. Its agri-business contains cereals, cheese, fruit, greens and farm animals. The corporate’s belongings come with Croatia-based meat processor PIK Vrbovec and fruit-and-veg provider PIK Vinkovci.
In retail and wholesale, Fortenova generates revenues of greater than HRK31bn (US$4.4bn) throughout markets in Croatia, Slovenia, Serbia, Bosnia and Herzegovina, and Montenegro, in step with the gang’s LinkedIn web page. Agricultural operations foster an additional HRK3bn.
Peruško added: “Irrespective of a imaginable exchange in co-ownership, the Fortenova Crew continues with common enterprise operations. Our working corporations are effectively managing marketplace disruptions brought about by way of emerging working prices and disruptions in some provide chains, that our many purchasers don’t really feel, and we’re totally eager about making ready for this 12 months’s vacationer season from which we’ve important expectancies.”
Fortenova printed in a separate announcement at the beginning of April that it had required the entire ultimate stocks in Mercator after “squeezing out minority shareholders”.
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