Croatian Atlantic Group submitted bid for acquisition of Droga Kolinska

- Croatian Atlantic Group sent a non-binding bid to Slovenian Istrabenz on Monday (April 19, 2010) for acquisition of a share in food company Droga Kolinska - newspaper Večernji List announced today (April 20, 2010).

Droga Kolinska, in the possession of which are famous brands Cocta, Barcaffe, Smoki, Argeta, Donat Mg, water Tiha and numerous others, is 90% owned by Istrabenz and it is among stronger food companies in the region.

Atlantic Group submitted the non-binding bid for all 100% of stocks of the Slovenian company whose annual income is about 2.2bn HRK (301m EUR). The company from Slovenia has about 4,500 employees.

Atlantic Group is also interested in Koprivnica-based Podravka whose annual income is about 2.9bn HRK.

Droga Kolinska's advantage lies in the restructuring process that has already been finished in that company.

The media announced earlier that Serbian Centroproizvod and Nestle were interested in Kolinska, but the names of all companies interested in taking over aforementioned Slovenian company will be revealed on Friday.

Based on the available data, the estimates are that Droga Kolinska is worth about 200m EUR, but the owners are ready to sell it for about 50m less in order to cover their own debts as soon as possible.