Podravka to acquire the agricultural division of Fortenova for €333m.

Podravka, a Croatian food company, agreed to acquire the agricultural division of Fortenova, a food producer and retailer headquartered in Zagreb, Croatia, for €333m. "We entered the interest gauging process for the Agriculture Division divestment with a view to maximizing the value and identifying potential partners who would be able to guarantee the development and sustainability of this nationally important industry and securing the further development of its operations and employment, the result thereof being the economic prosperity of the entire region of Slavonia and Baranja. We have found precisely such partner for our agricultural companies in Podravka. Podravka’s additional advantage is the fact that with it we would gain a strategic partner that would continue to provide high-quality domestic raw materials for further processing and production for PIK Vrbovec and the entire Fortenova Group system. Therefore, I am sure that by selecting Podravka as our exclusive partner to negotiate the details of the sale-purchase agreement we have made the best possible decision not only for the agricultural companies and our employees, but for all other stakeholders as well," Fabris Peruško, Fortenova Group Chief Executive Officer and Member of the Board of Directors.