Croatia's Ledo acquires 96% of Serbia's Frikom from Agrokor
2013-01-28 17:06:25
Croatia's Ledo said on Wednesday it has acquired from its parent company Agrokor its 95.83% stake in Serbia's Frikom as part of a drive to become a regional leader in the ice cream and frozen food industry.
The deal price for the stake is 728.3 million kuna ($126 million/96 million euro), Ledo said in a statement posted on the website of the Zagreb Stock Exchange. In December, Ledo raised 750 million kuna through a share offering to fund the takeover from Agrokor of Montenegro's Ledo Podgorica and Frikom. The takeover deal for 100% of Ledo Podgorica was announced later that month.
The acquisition moves aim to consolidate the ownership structure of Agrokor’s ice cream and frozen food division, bringing into the Ledo fold the only group companies on that segment that are not currently under its umbrella. Belgrade-based Frikom is active in the production, distribution and retailing of ice cream and frozen foods.
Ledo’s core markets are Croatia, Serbia and Bosnia and Herzegovina where it holds leading market positions in both ice cream and frozen food. Based in Zagreb, privately-held Agrokor is the largest company in Croatia, with operations in food and beverages, as well as food retailing.