Croatian confectioner Kras said its supervisory board has approved the acquisition of a 99.57% stake in local brand Karolina.

The company said on Tuesday (8 February) that it would acquire the stake from German manufacturer Lorenz Bahlsen Snack World.

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Kras said that the deal is valued at EUR7.3m (US$9.9m), including integration costs.

Kras said the move is part of its efforts to consolidate the Croatian confectionery market, revealing plans to invest in improving the technology used to produce Karolina’s range, as well as increasing market share, both in Croatia and abroad.

A spokesperson for Lorenz Bahlsen Snack World told just-food yesterday (9 February) that it would focus on its “main business” of salty snacks in Croatia.

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“In-line with our strategic priorities we have therefore decided to sell the sweets business part of our operation in Croatia to the Croatian market leader Kras,” the spokesperson said.

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The spokesperson added that it will continue to manage its salty snacks business and Bobi brand, and will “push their further development in Slovenia, Croatia, Bosnia and Herzegovina”.