Croatian coffee and snacks company Franck is likely to join a consortium of Croatian food companies which is expected to make a bid for the assets of bankrupt Croatian retailer Diona, it has been reported.

The consortium, named Diona Nova, includes meat processor Gavrilovic, food firm Podravka, confectioner Kras, and dairies Lura and Vindija. It is currently in negotiations with Franck, reported the Croatian News Digest.

The starting price of Diona has recently been reduced to K397m (US$61.6m) from K532m. Diona Nova is expected to submit a bid at the June tender.