The Croatian food and beverage company, Fortenova Group, is facing a challenge over its plans to sell assets by shareholder SBK Art in a control dispute in the food and beverage industry.
SBK Art, with a stake of over 40% in Fortenova, acquired from sanctioned Russian bank Sberbank in October, wants to take over the company, denying any affiliation with Sberbank. Dubia-based Saif Alketbi, who acquired the holding, claims that the Russians no longer have influence over the business and should be allowed to bid for it, despite facing sanctions from the European Union.
Fortenova has been seeking a buyer for several months and recently announced its plan to sell off its agriculture division, including meat producer Belje and fruit-and-veg supplier PIK Vinkovci.
SBK Art announced that a court in Amsterdam has found it has the right to protect itself from damage resulting from Fortenova’s attempted sale, but the court rejected an injunction sought by Alketbi to prevent the sale attempt.
Alketbi has expressed his interest in acquiring Fortenova Group MidCo at a reasonable price and aims to present a viable solution for the company’s future to its shareholders.
Fortenova recently secured new financing arrangements and has garnered majority shareholder support to refinance its existing bond with HPS Investment Partners. The company also hopes to find a solution for the sanctioned entities to cease being co-owners in order to refinance again in the short term.
Alongside Sberbank, fellow Russian bank VTBE holds a stake in Fortenova. Alketbi, claiming to be the largest shareholder, is closely monitoring the company’s management and plans to take legal action if necessary.
Alketbi has filed a legal claim to remove the European Union sanction on SBK Art.
Fortenova, a major player in the food and beverage industry, owns a range of brands and is one of Croatia’s largest employers.