Žito Sale Process Narrows to Two Bidders
Published on 30 march 2015The process is not yet concluded, SSH, a member of the consortium selling a 51.55% stake in Žito, said after Finance reported that negotiations with Podravka were in the final phase.
"Any disclosure of details pertaining to the sale process could have a negative effect on the success of the conclusion of the procedure or the sellers' negotiating position," the custodian of state assets said.
The deadline for binding bids for the acquisition of 183,386 shares of what is one of the biggest Slovenian food companies expired on 30 January.
Apart from Podravka, binding bids have unofficially been submitted by the French Ardian fund and the Metlika-based baking company Don Don, but the latter is said to have withdrawn from the bidding.
According to Finance, Podravka is to pay a total of EUR 60m-65m for Žito, that is including the outstanding stake it would acquire in the takeover bid following the deal with the consortium.
The offer of EUR 60m would equal EUR 168 per share, which is about as much as Žito trades on the Ljubljana Stock Exchange.
Finance also reported that Don Don has been selected to buy Pekarna Grosuplje, the bakery that is being sold by retailer Mercator, which was taken over by Croatia's Agrokor last year.
The price for the bakery is unofficially at around EUR 30m with the deal to be closed in two weeks.
Source: The Slovenia Times
