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Sberbank sells 44% of Croatia's Fortenova to Hungary's Indotek

Banking

Image by Hayran1 / Shutterstock.com

Croatia's largest privately-owned company Fortenova, the successor to the collapsed food-to-retail concern Agrokor, said its biggest shareholder, Russia's top lender Sberbank, sold its 44% stake in the group to Hungarian asset manager Indotek.

The price of the deal was not disclosed, local portals total-croatia-news.com and seenews.com report.

The acquisition will be subject to regulatory approvals in several markets, Fortenova said in a statement late on Friday.

Regardless of a possible change in co-ownership, the Fortenova Group continues regular business operations, the statement added.

Fortenova owns Slovenia's largest grocery retailer, Mercator, and Croatia's biggest food retail chain, Konzum.

The stores have a significant combined market share in Bosnia and Herzegovina.

The Indotek Group, owned by Hungarian and American investors, manages assets worth more than EUR 3 billion in total.

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