Saranovic loses – Braca Pivac becomes majority owner of Kras

Kras ESOP has sold all its Kras shares to Mesna Industrija Braca Pivac, Vecernji List learns.

Braca Pivac has therefore effectively acquired Kras, as it will have a 49.18% stake after the transaction, but also the majority of shares with voting rights.

The employees of Kras which are shareholders at Kras ESOP will be paid at least HRK 860 per share by Braca Pivci, and the company has also obliged to keep all the workers rights in the long term. It is also not allowed to sell shares to a third party without guaranteeing workers rights, which are bigger than those defined by the Labor Law, Vecernji List writes.

According to this agreement, which was formally made possible by the decisions made at the GM of Kras ESOP held this Friday, Braca Pivac acquired control over the company, successfully pushing against the takeover bid by Nebojsa Saranovic, an entrepreneur who was aggressively buying the shares at the Zagreb Stock Exchange through his company Kappa Star Limited. By investing more than EUR 45 million, he had bought a 25.7% stake.

He recently offered the workers HRK 130,000, around HRK 869 per share, through the media, but the offer of Braca Pivac, which, as Vecernji List writes, included security for the employees, was obviously taken much better. This marks the end of the battle for Kras, as well as the race for shares, which marked this business year in the capital market.

The portal earlier reported that the employees of Kras were being pressured not to sell shares to Serbian businessman Nebojsa Saranovic, even though he had made by far the best offer, raising the price of Kras shares from HRK 400 (around EUR 54) to over HRK 1,000 (around EUR 134).

KRAŠ d.d. Zagreb

Predstavništvo Kappa Star Limited Beograd

Mesna industrija braća Pivac d.o.o. Čitluk

Zagrebačka burza d.d. Zagreb

Kraš Zagreb

Kraš ESOP

Kappa Star Limited

Mesna industrija braća Pivac

Nebojša Šaranović

confectionery producers

Kraš shares

Braća Pivac

Zagreb Stock Exchange