Business News

Croatian Firm Eyeing Droga Kolinska

Zagreb, 20 April (STA) - Croatian firm Atlantic Group has submitted a non-binding offer for the acquisition of Slovenia's biggest food company Droga Kolinska, Croatian daily Jutarnji list reported on Tuesday.

Droga Kolinska has been put up for sale by its over-indebted owner Istrabenz, which needs to pay off some EUR 100m in debt by the end of the year in line with a restructuring programme.

In late March Istrabenz commissioned French bank BNP Paribas to seek out interested domestic and international investors that can file non-binding bids until the end of April.

Emil Tedeschi, the owner and boss of Atlantic Group, told the Croatian paper that the combined firm would be the biggest food producer in the region with over 4,500 employees and annual turnover to the tune of EUR 700m.

Atlantic has annual sales of EUR 320m and Droga Kolinska last year posted revenues of EUR 326m and an operating profit of EUR 23.3m.

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