Slovenian baked goods manufacturer Don Don has plans to snap up Serbian baking peer Žitopek, a filing on the Belgrade Stock Exchange indicates.

According to the document, Don Don has proposed to take over the remaining 49.20% of the group, which is equal to 121,977 shares.

It is working with the Spanish investment group BB Global Investing Holding to secure the stake.

Don Don owns 50.80% of Žitopek, equating to 125,922 shares. It has held its stake in the business since 2014, according to Žitopek's website.

It will issue its takeover proposal to the Serbian Securities Commission within the next two weeks.

Just Food has contacted Don Don for further comment on the transaction.

Founded in 1947, Žitopek processes a range of breads, sweet and savoury pastries, cakes, doughnuts and ready-to-eat sandwiches.

Its products are sold in 18 bakeries throughout the southern Serbian city of Niš.

Established in 1994 in the south-eastern town of Metlika, Slovenia, Don Don produces a range of baked goods such as sliced breads, rolls and pastries through its brands Tvojih 5 Minut and Pekarna Grosuplje.

Pekarna Grosuplje was snapped up by the company in 2015 from the regional retailer Mercator for an undisclosed sum.

The business sells its products across 10,095 sales points which include retailers, foodservice and public sector catering groups in Slovenia, Croatia, Serbia, Bosnia and Herzegovina, Bulgaria and Montenegro.

The Tvojih 5 Minut brand is also sold in Slovakia, Hungary, Greece, Macedonia, Romania, Austria, Czechia, Germany and Poland.

Don Don manages a total of 21 production plants, with two in Slovenia, one in Croatia, one in Montenegro, and seventeen in Serbia. These sites produce around 126,480 tons of baked goods on an annual basis.

More than 2,400 employees work for the company.