Kras gives positive assessment of takeover offer from Serbian-Croatian tandem

The management of Kras expressed a positive opinion on the offer of Pivac Holding for the takeover of the company. The offered price of EUR 130 per share is appropriate for the management, especially for shareholders who do not want to be exposed to financial market risks in the long term.

– Considering the company’s business trends, its position on the domestic and regional confectionery market, but also taking into account the current macroeconomic circumstances and political and economic circumstances in the world, the management of the company considers the price of EUR 130 per share to be appropriate – the opinion of the management of Kras states.

The management emphasizes that its opinion cannot be considered investment or other advice to shareholders, or a recommendation whether to accept the offer or not. It advises shareholders to study the publicly published quarterly and audited annual reports of the company before making a decision.

The management of Kras positively assessed the intentions of the bidders and in terms of future business. The opinion states that the bidder intends to continue the business and development of Kras as a stable, competitive and long-term sustainable economic entity and that it is not focused on short-term changes in the basic direction of business.

– The emphasis on making business decisions from the perspective of their long-term benefits for the company, and not through short-term financial effects of a particular business period, is in line with the current business strategy of the company – states the management of Kras.

According to the management, the bidder’s plans will not have a significant impact on employment policy or the labor status of workers. It also mentions a possible relocation of production to Zapresic, after Kras purchased real estate at that location in 2026.

After Hanfa recently approved Pivac Holding to publish an offer to take over Kras, the offer was also published on the Zagreb Stock Exchange. This continued the process of taking over one of the most famous food companies in the region, in which Pivac Holding is acting together with Kappa Star Limited, a company associated with Nebojsa Saranovic.

Pivac Holding is offering EUR 130 for each Kras share. The offer concerns all remaining shares not yet held by the bidders, i.e. 188,915 shares, representing 12.61% of Kras’s share capital. If all minority shareholders accept the offer, around EUR 24.6 million would have to be paid for their package.

Pivac Holding currently holds 826,426 shares in Kras, or 55.15% of all shares, while Kappa Star Limited holds 483,280 shares, or 32.25%. Together, they hold 1,309,706 shares in Kras, representing 87.39% of all shares. Due to their own shares in Kras, their share in voting rights is even higher, amounting to 93.25%.

KRAŠ d.d. Zagreb

Predstavništvo Kappa Star Limited Beograd

Kraš dd

Pivac Holding

Hanfa

Kappa Star Limited

Nebojša Šaranović