View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
April 13, 2022

Russia’s Sberbank to sell 44% stake in Croatian agri-food group Fortenova

Indotek, an investment group in Hungary, is lined up to purchase the Fortenova stake.

By Simon Harvey

Russia’s state-owned Sberbank will soon no longer be the largest shareholder in Fortenova Group, the Croatian food, agriculture and retail business previously trading as Agrokor.

Free Report
img

How is technology having an impact on Consumer buying behavior?

As the world rapidly becomes more connected, it is important for brands to understand the impact that improved technology is having on consumer purchasing behaviors. To react effectively, brands must know how to engage with increasingly digitally savvy consumers. GlobalData’s latest Trend Tracker report provides an analysis of Digital Lifestyles – one of GlobalData's top consumer trends for 2022. The report includes an overview of how digital lifestyles are evolving, including the significant impact that the COVID-19 pandemic had on accelerating digitalization, and how this trend is emerging across different Consumer sectors. Key features included in the report:
  • A breakdown of the trend’s prominence across sectors
  • Insights into consumer online penetration, preferred electronic devices and engagement
  • The key drivers and challenges impacting the digital lifestyles trend
  • A spotlight on key innovations set to reshape the consumer landscape
  • Analysis of what’s next for digital innovations and how brands can leverage the trend
Download this report to keep in touch with the more digital consumer.
by GlobalData
Enter your details here to receive your free Report.

Fortenova, which emerged under a new name in 2019 from the restructuring of Agrokor, said Sberbank has signed an agreement with investment company Indotek in Hungary for the sale of its 44% stake in the agri-food group.

The transaction is subject to regulatory approvals in “several markets”, Fortenova said in a statement posted on its website. No financial details were provided.

Sberbank, Russia’s largest lender, has been sanctioned by the US over Vladimir Putin’s invasion of Ukraine. It is also the subject of an asset freeze by the UK.

The bank’s stake in Fortenova was built up last year when Sberbank swapped its shares in Slovenian food retailer Mercator. The Russian lender had held 39.2% of the Croatian group following a debt-for-equity swap in 2018, a year after Agrokor was put into state administration amid accusations of fraud by founder Ivica Todoric.

Fabris Peruško, Fortenova’s CEO and board member, said: “We welcome the entry of Indotek, which we recognise as a long-term strategic partner, into the co-ownership of the Fortenova Group and we hope and expect that in the next few months all the approvals required to complete the sale and purchase of shares will be obtained.”

Fortenova also owns the Croatian supermarket chain Konzum. In food, the group manufactures margarine, cooking oils, mayonnaise and ice cream. Its agri-business includes cereals, cheese, fruit, vegetables and livestock. The company’s assets include Croatia-based meat processor PIK Vrbovec and fruit-and-veg supplier PIK Vinkovci.

In retail and wholesale, Fortenova generates revenues of more than HRK31bn (US$4.4bn) across markets in Croatia, Slovenia, Serbia, Bosnia and Herzegovina, and Montenegro, according to the group’s LinkedIn page. Agricultural operations foster a further HRK3bn.

Peruško added: “Regardless of a possible change in co-ownership, the Fortenova Group continues with regular business operations. Our operating companies are successfully managing market disruptions caused by rising operating costs and disruptions in some supply chains, that our many customers do not feel, and we are fully focused on preparing for this year’s tourist season from which we have significant expectations.”

Fortenova revealed in a separate announcement at the start of April that it had required all the remaining shares in Mercator after “squeezing out minority shareholders”.

Related Companies

Free Report
img

How is technology having an impact on Consumer buying behavior?

As the world rapidly becomes more connected, it is important for brands to understand the impact that improved technology is having on consumer purchasing behaviors. To react effectively, brands must know how to engage with increasingly digitally savvy consumers. GlobalData’s latest Trend Tracker report provides an analysis of Digital Lifestyles – one of GlobalData's top consumer trends for 2022. The report includes an overview of how digital lifestyles are evolving, including the significant impact that the COVID-19 pandemic had on accelerating digitalization, and how this trend is emerging across different Consumer sectors. Key features included in the report:
  • A breakdown of the trend’s prominence across sectors
  • Insights into consumer online penetration, preferred electronic devices and engagement
  • The key drivers and challenges impacting the digital lifestyles trend
  • A spotlight on key innovations set to reshape the consumer landscape
  • Analysis of what’s next for digital innovations and how brands can leverage the trend
Download this report to keep in touch with the more digital consumer.
by GlobalData
Enter your details here to receive your free Report.

Topics in this article: , ,
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every other month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Food