Three binding offers have been submitted for Fortenova’s agriculture business, with Croatian food group Podravka among the bidders. The non-binding offer from Podravka, initially presented in April, has now been converted into a firm bid effective from June 14, after conducting due diligence on the assets. In January, Fortenova announced its intention to test market interest in acquiring the company’s agriculture operations, leading to the current bidding process.
According to media reports, Osatina Group and Žito are part of a consortium that has submitted one of the other two offers, with a third offer led by Hungarian businessman Lorinc Meszaros. While Osatina and Žito were asked to confirm their involvement in the bidding process, there was no response from Mr. Meszaros. Fortenova has refrained from commenting on the potential sale of its agricultural business at this time.
The sale of the agriculture division by Fortenova is part of its strategic focus on core areas of food and retail. The assets up for sale include operations such as meat processor Belje, vegetables supplier PIK Vinkovci, and pig breeding-to-winemaking business Vupik. On the retail side, Fortenova’s supermarket chains include Konzum and Mercator, while its food unit comprises businesses such as Zvijezda, Agrolaguna, and Jamnica.
Osatina Group specializes in meat processing, cattle and pig breeding, as well as fruit and vegetable cultivation. With brands like Vero, Vego, and Florasan, Osatina has established a presence in the food industry. Meanwhile, Žito is known for its production of dry-cured meats, sunflower oil, flours, and eggs under various brand names.
Hungarian businessman Lorinc Meszaros, listed as one of Hungary’s wealthiest individuals on Forbes’ billionaire list, has also expressed interest in acquiring Fortenova’s agriculture division. Mr. Meszaros, primarily known in the gas industry, has amassed a fortune estimated at around $1.7 billion.
In April, Fortenova confirmed the receipt of several non-binding offers for its agriculture division. The company is now evaluating the final binding offers not only based on price but also on how the buyer intends to be a strategic partner for the agriculture division as well as for Fortenova as a whole. The acquisition of Fortenova by Croatian company Open Pass, owned by businessman Pavao Vujnovac, has received approval from the European Commission. This transaction comes after a complex ownership restructuring process to address obstacles related to some shareholders under Russia sanctions.
Moving forward, Open Pass and Vujnovac have committed to buying out sanctioned shareholders with funds held in an escrow account once the sanctions are lifted. This development marks a significant step in the ownership transition process for Fortenova, encompassing its food, retail, and agriculture assets.
