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October 28, 2019

Croatia meat group Braca Pivac tables offer for confectioner Kras

Braca Pivac, the Croatia-based meat processor, has launched its move to buy a local, listed confectionery business.

By Dean Best

Braca Pivac, the Croatia-based meat processor, has launched its move to buy the rest of the shares in local confectioner Kras it does not already own.

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HANFA, Croatia’s financial regulator, has separately announced it has approved Braca Pivac, which owns 30.7% of Kras, to acquire the rest of the business.

Braca Pivac said on Thursday (24 October) it had made an offer for Kras worth HRK430 a share. On Friday, shares in Kras were trading at HRK1,060.

The bidder said the average price of Kras’ shares from 8 June to 8 September – which was when the meat processor was obliged to announce plans to make an offer – was HRK427.

Last month, Braca Pivac set out an initial plan to team up with employee trust fund Kras-ESOP – which owns 18.45% of the confectioner –to table an offer for the business.

However, Braca Pivac said it would still go ahead with the bid if Kras-ESOP decided against the idea. Later in September, Kras-ESOP rejected the proposal.

Zagreb-based Kras, set up in 1911, has factories in the Croatian capital, in Osijek, another city in the country, and in Prijedor in Bosnia and Herzegovina. The company produces a range of chocolate, sugar confectionery and biscuit products.

In 2018, Kras’ consolidated revenue stood at HRK1.01bn (US$150.2m), down 0.9% on the year. However, net profit jumped 65% to HRK50.9m.

The majority of revenues – around 53% – are generated in Croatia.

According to local reports, a Cyprus-registered entity, Kappa Star, has been buying up shares in Kras in recent weeks. Kappa Star now owns 24.2% of the confectioner, according to data on the Zagreb Stock Exchange. However, Kappa Star has reportedly stated it does not intend to make its own move to buy Kras.

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Innovation Update Q2 2022: Meat and Meat Alternatives

Meat alternatives continue to push boundaries, as companies explore 3D printed, plant-based, and precision fermentation-based alternatives. As a result, shoppers are more open to experimental formulations that introduce new flavors to meat products, blur traditional food categories, or swap in new ingredient types. It is vital for their development that retailers acknowledge this range of emerging trends during these increasingly uncertain times. Brands must continue to understand how consumer needs and desires change, and offer a range of products that reflect the world around them, therefore developing purchasing and consumption decisions. Exciting non-traditional formulations are hitting the market - following the trajectories and target audiences of these launches will help other brands find their niche. Consult our report on Meat and Meat Alternatives, from the collection of >17,000 reports on GlobalData Explorer, to:  
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  • Marketing / Advertising strategies being used by these players for specific products
  • Other segment-specific analysis (packaging, design, flavors etc.)
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by GlobalData
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