Screenshot/Fortenova Group

April 10, 2022 – Russian Sberbank has now sold its former 43% stake in Fortenova to Hungarian company Indotek, Fortenova CEO Fabris Perusko has announced.

As Jutarnji/Novac/Andrea Koscec writes, Russian Sberbank has sold its 43% stake in Fortenova Group to a Hungarian investment fund called Indotek Group, majority owned by one of the richest Hungarians of all, Daniel Jellinek, reported Bloomberg, and soon after Fortenova confirmed the information on its website.

The price in question has not yet been announced, but it was pointed out that in order to complete the transaction, it was necessary to provide solutions from the competent regulatory authorities in several markets.

In mid-March, Jutarnji list said he had “begun a process of in-depth analysis related to a possible sale of shares within the company” and then announced that Jellinek, who Forbes believes has a net worth of around 300 million euros, was interested. It was speculated at the time, although such processes typically take months, that given the evolving situation in Ukraine and Sberbank’s clear interest in exiting Fortenova ownership, a deal could be concluded long before it is otherwise expected. A spokesperson for Daniel Jellinek told Bloomberg that Jellinek views the deal as a long-term investment and that Indotek will be a strategic partner of the Fortenova Group.

On the occasion of the signing of the sales contract and the announced change of ownership, Fabris Perusko, CEO and member of the board of directors of the Fortenova group, welcomed the entry of Indotek into the ownership structure, which he says recognizes as a long-term strategic partner in co-ownership of Fortenova.

”Despite a possible change of co-ownership, the Fortenova Group continues to operate on a regular basis. Our operating companies are successfully managing market disruptions caused by rising operating costs and disruptions to some supply chains that our many customers are not feeling and we are fully focused on preparing for this season. year from which we have high expectations,” said Perusko. .

The Hungarian Indotek group manages assets worth a total of more than three billion euros and, according to its website, Indotek is a financial conglomerate owned by Hungarian and American investors, with a diversified activity in real estate, financial services, but also logistics and transport. The company employs 380 people, is headquartered in Budapest and has 12 branches across the country, as well as its own offices in Spain, Italy, Romania, Poland, Greece and here in Croatia.

Indotek has now become Fortenova’s largest single shareholder, but – as Russia’s Sberbank has been so far – it will have to seek the consent of the two remaining major shareholders – Enna Group owner Pavle Vujnovac and the bank Russian public VTB. , which owns a seven percent stake in Fortenova, and is currently sanctioned.

The Fortenova Group is also the largest trader and producer of food products in South-East Europe and was formed after the settlement of creditors of the former Agrokor in April 2019. Its financial situation has improved considerably in recent years. years, as evidenced by its debt to cost/income ratio (EBITDA). It employs around 50,000 people.

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