Croatian retailer Fortenova has received several non-binding offers for the potential sale of its agriculture division.
The company added that it has invited select local and regional buyers to take part in a due diligence phase after which the potential buyers will provide final binding offers.
Fabris Peruško, chief executive officer and member of the board of directors of Fortenova stated, “We are happy to enter the due diligence phase with several exceptionally strong potential partners.
“Although we are now about to enter the due diligence phase, the final completion of a sale still depends on finding a strategic partner that will recognise the full value and potential of this business and its people.”
Agriculture Division
Fortenova kicked off the process by sending information materials to several potentially interested buyers.
The non-binding offers received have 'demonstrated strong interest' in acquiring the company's agriculture division, the retailer noted.
The company aims to assess the final binding offer not only on price but also on how the buyer proposes to be a strategic partner for the agriculture division as well as Fortenova.
In recent years, Fortenova made 'significant investments' in the agricultural sector to boost the overall value of the business division. Last year, it invested more than €60 million in renewing agricultural machinery in the business unit.
In October 2023, the Croatian multinational food and retail company reported €2.7 billion in total revenue in the first-half of 2023, registering an increase of 9% over the same period last year. Adjusted operating profit for the period amounted to €101 million, while net debt remained below €1.1 billion, the company noted.
