Braca Pivac, the Croatia-based meat processor, has a majority stake in local confectioner Kras after buying more shares in the business.

In a stock-exchange filing on Monday (20 January), Kras said Braca Pivac, already its largest shareholder, owns 50.39% of the company, a position it moved to before Christmas.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

In October last year, Braca Pivac, which at that stage owned 30.7% of Kras, had launched a bid to buy the rest of the shares in the business, a move approved by HANFA, Croatia’s financial regulator. Kras said the HRK430 (US$64.08)-a-share bid was too low.

However, in November, Braca Pivac bought a tranche of shares from Kras employee body Kras-ESOP, paying HRK861.20 per share for the 18.4% stake.

Zagreb-based Kras, set up in 1911, has factories in the Croatian capital, in Osijek, another city in the country, and in Prijedor in Bosnia and Herzegovina. The company produces a range of chocolate, sugar confectionery and biscuit products.

In 2018, Kras’ consolidated revenue stood at HRK1.01bn (US$150.2m), down 0.9% on the year. However, net profit jumped 65% to HRK50.9m.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

The majority of revenues – around 53% – are generated in Croatia.

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now