Fortenova Starts Due Diligence Regarding Possible Sale of Company Stake

By 18 March 2022
Fortenova Starts Due Diligence Regarding Possible Sale of Company Stake
Image: Fortenova/LinkedIn

ZAGREB, 18 March (2022) - Fortenova Group said on Friday that the process of due diligence had been launched regarding the possible sale of an interest in the company, declining to reveal further details.

Fortenova Group can confirm that due diligence regarding the possible sale of a stake has started but it cannot comment on any details, the group said in reply to a query from Hina.

Fortenova Group executive director Fabris Peruško said on Thursday he expected the Russian state bank Sberbank to sell its interest in Fortenova Group.

The Russian bank, which holds a 40% stake in Fortenova Group, is the group's biggest single shareholder.

The possible sale can be considered a consequence of sanctions Russian banks have been exposed to due to the Russian aggression against Ukraine. Another Russian bank, VTB, holds a stake in Fortenova as well, of 7%.

The Jutarnji List daily issue of Friday says that talks are presumably being held with several potential buyers. According to unofficial information available to the daily, the Hungarian investment fund Indotek Group, majority-owned by one of the wealthiest Hungarians, Daniel Jellinek, is seriously interested in buying the stake.

Indotek Group is a financial conglomerate owned by Hungarian and US investors, specialising in real estate, financial services as well as logistics and transport.

Fortenova Group d.d. was established in early April 2019 following a successful settlement between Agrokor food retailer's creditors. The group has more than 50,000 employees and operates in three core activities: agriculture, retail and food, as well as non-core operations.

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