Podravka becomes owner of 51,5% stake at Ljubljana-based Zito

(Photo: Rajko Karišić)

Croatian food company, Podravka, has signed today in Ljubljana contract with consortium of sellers on acquisition of 51,55% stake at Ljubljana-based Zito at EUR 180,1 per share, i.e. EUR 33,03 m.

After the transaction ends, Podravka will rank among the top food industries at the Slovenian market with a total annual profit of KN 900 m ( EUR 119 m), Poslovni.hr website reported.

Total consolidated annual profit of Podravka Group will, after takeover of Zito, total KN 4,5 billion (594 mil EUR).

- With the acquisition of Zito, we are creating food market leader in Slovenia with an important potential of growth at numerous markets where Podravka is present- president of the Management at Podravka, Zvonimir Mrsic said.

He added the acquisition is "a strong step into internationalization of business where Slovenian market is becoming one of the most Podravka’s markets”.

Transaction will open the option of sale of Zito products through sales and distribution Podravka’s network in more than 20 countries worldwide.