Confectionery giant has new owners – Croatian and Serbian businessmen take over Kras

The Croatian Financial Services Supervisory Agency (Hanfa) has approved the publication of the offer by Pivac Holding to take over the confectionery giant Kras, thus removing the last major regulatory obstacle to the completion of one of the most interesting business processes in the region.

The obligation to publish the offer arose at the end of last year, when Pivac Holding acquired 826,426 shares of Kras, or 55.15% of the ownership and voting rights.

This crossed the legal threshold that requires an offer to be made to all remaining shareholders.

Pivac and Saranovic now on the same page

Of particular interest is the fact that Pivac is not acting alone in this deal. Based on a joint venture agreement, he has joined forces with the company Kappa Star Limited, which is associated with Serbian businessman Nebojsa Saranovic.

This company owns an additional 32.25% of Kras shares, so together they control as much as 87.4% of the capital of the Croatian candy manufacturer.

Interestingly, Pivac and Saranovic were competitors in the fight for influence in Kras a few years ago, while today they are jointly participating in the takeover process.

A price of EUR 130 was offered for each Kras share, which is significantly higher than the estimated fair value, which ranged between EUR 105 and EUR 107 per share.

The offer relates to the remaining 188,915 shares, or about 12.6% of the company, which Pivac and Kappa Star do not yet own.

The outcome of the process now depends on the decision of the minority shareholders and their willingness to sell their shares.

A bank guarantee issued by OTP Bank has been provided as a guarantee for the implementation of the offer, while the funds for the transaction have already been reserved.

Kras under pressure from expensive cocoa

Kras is one of the most famous food companies in the region and the owner of legendary brands such as Bajadera, Dorina, Domacica and Ki-Ki bonbons.

The tradition of candy production in this company lasts for more than a century and represents an important part of the Croatian food industry.

The change in ownership structure comes at a challenging time for the company. In 2025, the Kras Group generated EUR 202.4 million in revenue, which represents a growth of 5.8%, but at the same time, net profit fell to EUR 6.5 million (the company Kras d.d. alone generates around EUR 194 million in revenue).

The main reason for the lower profitability was the record high cocoa prices on the world market. Therefore, the management proposed that the entire profit should remain in the company, so shareholders will be left without a dividend this year.

End of a multi-year competition

If minority shareholders accept the offer, Kras could get a new dominant owner, which would end a multi-year competition for control over one of the most recognizable brands of the food industry of the former Yugoslavia, reports Poslovni dnevnik.

The tradition of candy production on these foundations dates back to 1911, although today’s joint-stock company is legally younger.

The group, which in addition to the parent company also includes plants in Serbia, North Macedonia and Bosnia and Herzegovina, employs around 1,500 workers.

KRAŠ d.d. Zagreb

MI Braća Pivac d.o.o.

Predstavništvo Kappa Star Limited Beograd

Kraš dd

Pivac Holding

Croatian Financial Services Supervisory Agency

Hanfa

Kappa Star Limited

Nebojša Šaranović