The European Commission has approved the acquisition of Fortenova Group MidCo B.V. by OpenPass, led by Croatian businessman Pavao Vujnovac, according to media reports.
Fortenova Group MidCo B.V. is a Dutch holding company that fully owns the business.
'The transaction relates primarily to the agricultural sector, as well as to the food production and supply of daily consumer goods in Croatia, Slovenia and various non-EU countries in the Balkans,' the report noted, citing a press release by the EU.
According to the Commission, the transaction, approved under the European Union merger regulation, would not raise competition concerns.
This is because the transaction has a limited impact on the competition in the markets where the companies are active.
OpenPass owns wholesaler PV Group, which deals in fruits, vegetables and non-perishable fruit and vegetable-based goods in the same markets as Fortenova.
Ownership Restructuring
In December of last year, Fortenova announced a significant ownership restructuring, following approval by its shareholders to sell the company's core assets to a newly formed holding company, effectively removing sanctioned shareholders from the ownership structure.
In April of this year, the company said it received several non-binding offers for the potential sale of its agriculture division and 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.
It 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.
