Fortenova takeover by Croatia businessman gets EU clearance

A takeover of Croatia’s Fortenova Group by OpenPass, led by local businessman Pavao Vujnovac, has been granted approval by EU authorities.

The European Commission (EC) gave the green light to the transaction for the agri-food and retail group yesterday (12 June) after a drawn-out process involving obstacles with sanctioned shareholders.

OpenPass will take sole ownership of Fortenova’s three business operations in agriculture, food and retail, which encompass “Croatia, Slovenia and various no-EU countries in the Balkans”, according to the EC filing.

The purchase does “not raise competition concerns given its limited impact on competition in the markets where the companies are active”, the EC ruled.

Businessman Vujnovac was appointed to Fortenova’s board of directors in 2022.

OpenPass also owns PV Group, a wholesaler of fruits, vegetables and non-perishable fruit and vegetable-based goods, which operates in the same markets as Fortenova.

Fortenova’s food portfolio includes packaged and processed meat brand Pik, meat-alternatives maker Planet of Planets and the Dijamant and Zvijezda sunflower oil and butter labels.

It also produces several beverages brands, including Jana water and iced teas, plus Jamnica water and soft drinks

Fortenova first announced it was open to takeover bids over a year ago.

Just Drinks