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Signing of Share Sales and Purchase Agreement by and between Consortium of Sellers and Podravka d. d. in Sale of 51.55% Stake in Žito, d.d.

Following the completion of successful negotiations with Podravka d.d., which were coordinated by the Slovenian Sovereign Holding (SSH) and KD Funds, on their own behalf and together with other members of the Consortium of Sellers, the Share Sales and Purchase Agreement for the sale of 183,386 (51.55%) shares of Žito, d.d. was concluded.

 

On the basis of a competitive sale process, Podravka d.d., having submitted the best bid, was finally selected as the buyer of Žito, having paid EUR 180.10 per share, with the purchase price thus amounting to EUR 33,027,818.60.

 

In addition to SSH, the Share Sales and Purchase Agreement for Žito was also signed by other members of the Consortium, specifically:  Modra zavarovalnica, d. d., KD Kapital, d. o. o., KD Funds, d. o. o., Adriatic Slovenica, d. d. and NLB Funds, d. o. o.

Following the completed transfer of shares, Podravka intends to publish a take-over bid for the take-over of the remaining shares, in accordance with the Takeovers Act.

 

The entire sale process was conducted in two phases, establishing a contact with a wide selection of financial and strategic investors. The sale process managed on behalf of the Sellers by SSH and KD funds and financial and legal advisors was pursued comprising a healthy bidding competition between bidders. It was conducted in a professional and transparent manner providing equal treatment to all investors participating in the sale process, and in accordance with the international practice in this field.

 

According to the assessment by the Consortium of Sellers, Žito will acquire a long-term strategic and experienced owner from the food and beverage industry, enabling Žito to grow and develop outside Slovenia.

 

The process is expected to be completed in the following few months since regulators’ permissions must be obtained by the buyer. The purchase price to be received by SSH will be applied to the settlement of liabilities held by SSH under the Denationalisation Act and other acts.

 

The sale process was led and coordinated by SSH together with KD Funds, and in collaboration with financial advisors, Erste Group Bank AG and P&S Capital Ltd., and a legal advisor, Jadek & Pensa.

 

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