Podravka, Don Don and Ardian Investment submitted offers for Ljubljana-based Zito

(Photo: zito.si)

Podravka, Don Don and French Ardian Investment handed in binding offers for takeover of 52% stake at Ljubljana-based Zito, Ljubljana’s Dnevnik reports.

It is known that Franck, Czech Agrofert Group, as well as two no name investment funds were interested.

It is not known whether anyone of them submitted binding offer. It has been unofficially known that the owner of Franck, Milan Artukovic, failed to create consortium of Croatian food companies which would split Zito after takeover.

Apart from that, it has been unofficially known that Agrofert did not submit the offer although the company does not want to confirm or neglect the fact.

Aleš Mozetič, GM and owner at Don Don, who has very brave plans with Zito, confirmed submission of the offer He says that 70% of program of Zito is complementary with its program and through Don Don, the biggest Slovenian bakery company could penetrate to the Croatian, Serbian, Bosnian, Montenegrin, Romanian and Bulgarian markets.

The outcome of the sale of Zita greatly depends on Mercator, i.e. Agrokor. Through Mercator, Zito is generating significant portion of sale so it is to expect that the future owner would like to provide guarantees for continued cooperation before takeover.

Zito is competing to take over Pekarna Grosuplje, owned by Mercator. Competition to Zito is Don Don, Čakovečki mlinovi and Zagrebacke pekare Klara.