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Sberbank in talks to sell stake in Croatia's Fortenova to Indotek

Banking

Image by Hayran1 / Shutterstock.com

Russian lender Sberbank is in talks to sell its 44% stake in Croatia's largest privately-owned company Fortenova, the successor to the collapsed food-to-retail concern Agrokor, to Hungarian asset manager Indotek, according to Croatian media reports.

Due diligence has started, and the transaction is expected to take place in the next few weeks, daily Vecernji List reported, as cited by news portal seenews.com.

Sberbank became the largest individual shareholder of the Fortenova Group with a 39.2% stake in April 2019 after the business operations of troubled Agrokor were transferred to the then newly formed Fortenova Group under a deal with creditors.

Last year, the Russian bank raised its stake in Fortenova to 44% by swapping an 18.53% stake in Slovenian retailer Mercator for shares in Fortenova. Hungarian and American shareholders own Indotek Group. 

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