Croatia's Fortenova Group has commenced the process of transferring the shares of Poslovni sistem Mercator to Fortenova Group.
The shares held by Sberbank in Poslovni sistem Mercator were swapped for shares in Fortenova Group, and thus, 18.53% of Mercator shares were transferred to Fortenova Group.
Last month, the company obtained approval from the Serbian competition commission to acquire control over Poslovni sistem Mercator d.d., Ljubljana.
Chief executive officer of Fortenova Group, Fabris Peruško, commented, "[The] commencement of the Mercator share transfer to Fortenova Group and the divestment of the Frozen Food Business Area concluded on Monday [29 March] are part of Fortenova Group's portfolio optimisation intended to strengthen and consolidate the capital structure and key areas in which Fortenova Group is a market leader.
"Once the Mercator share transfer to Fortenova Group is completed, together with Mercator, Fortenova Group will be the indisputable regional market leader in retail, with significant capacity for investments and further growth."
Peruško also pointed out that in the year of the pandemic, Fortenova Group companies have been vital in securing supplies for customers on the markets of their operation.
This was possible due to thousands of large and small, local and international suppliers that Fortenova Group companies have had long-standing and stable business relations.
'A Great Opportunity'
He described the forthcoming integration of Mercator with Fortenova Group's retail as "a great opportunity" for all key suppliers.
A report published on Wednesday by the Slovenian Extraordinary Commissioner at Mercator has confirmed full compliance of Mercator's operations with the Slovenian Lex Mercator.
It also highlighted that Mercator offered its strategic suppliers in Slovenia the option to sign long-term cooperation agreements.
© 2021 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.