SLOVENIA: Podravka to acquire majority stake in Zito for 33 million euros | Progresiv
Croatian food company Podravka has agreed to purchase 51.55% regular shares of Slovenia’s food producer Zito for a total amount of 33 million euros. The Croatian firm will pay 180.1 euros per share and the acquisition is subject to approval from the authorised agencies for protection of market competition. 
Podravka has concluded this acquisition contract with a consortium of sellers, including Slovenski državni and Modra zavarovalnica, KD Kapital, KD Skladi, Adriatic Slovenica, and NLB Skladi.
With this acquisition, Podravka will have total annual revenue of HRK 900m (127.39 million dollars) and the company's total consolidated annual revenue will be about HRK 4.5bn (636.97 million dollars).
Podravka Management Board president Zvonimir Mršic said: "Acquiring Žito we create a new leader in food industry in the market of Slovenia, with significant growth potential on numerous markets in which Podravka is present.
"This is a significant step forward in internationalization of our business, where market of Slovenia becomes one of Podravka's most significant markets."
Žito offers a wide portfolio of brands including the umbrella brand Žito (flour and bakery products), Zlato polje (rice, pasta, mill products), Maestro (monoseasonings), 1001 Cvet (teas), Natura (cereals and pulses), Gorenjka (chocolate) and Šumi (candies). (www.confectionary.food-business-review.com)
