Clean Break: the company completely halting Russian engagements or exiting Russia

Leave Withdrawal

Fortenova Group is a food producer and retailer based in Zagreb. It has been operating since 1 April 2019.

Clean Break: the company completely halting Russian engagements or exiting Russia

Leave Withdrawal

VTB Bank, which controls about 7% of the shares of the largest retailer in the Balkans — Fortenova Group, is discussing the possible exchange of this share for Yandex shares.

The Company Statement
November 29, 2023

On October 31, 2022 the Russian Savings Bank, which owned 43% of the shares of Fortenova Group (formerly Agrokor), sold this asset to Seif Al-Ketbi, a resident of the United Arab Emirates. Turning to the heart of 2023, the fate of Fortenova is still overwhelmed by the Russian Vlasnik. Sberbank prepared to please the emirates' investor, a small sheikh, having bought a piece of Fortenova from the bank. The order of Croatia did not waste time, blocking the favor, splintering, suspecting the possibility of violating the sanctions, as if sales would be without good luck. In the middle of the chest, the European Council expanded the sanctions on SBK ART, Sberbank's company, yak Volodya Fortenova. Filipovich and Boroevich, a partner of the Alketbi company, an investor from the UAE, also suffered sanctions. Croatian tycoon Pavao Vujnovac is expected to gain a majority share of the retail giant Fortenova, one of the biggest companies in the Balkans, which has struggled for more than a year to get rid of its large Russian shareholder.

September 26, 2023Frank Media learned about the plan to exchange VTB's stake in Fortenova for Yandex shares
June 14, 2023The European retail group still struggling to ditch its Russian owners
February 09, 2023Sale of a stake in Fortenova by a Russian Broker to an Arab investor: benefits and transaction history
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