Russia's Sberbank says IPO of Fortenova is one of its exit strategy options

  • 10/29/2021
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MOSCOW, Oct 29 (Reuters) - Russian state bank Sberbank , the largest shareholder of Croatian food producer and retailer Fortenova Grupa, is considering an initial public offering of the company as one of its exit options, the bank said on Friday. Two banking sources told Reuters earlier on Friday that Sberbank and VTB, another Russian bank and a shareholder in Fortenova, are consulting with investment banks about a possible IPO for the Croatian group in 2023 at the earliest. “The bank has always said that Fortenova is a non-core asset for the bank,” Sberbank said in an emailed reply to a Reuters request. “The exit from the asset is planned once the strategy of increasing its value is implemented. An IPO is one of the exit strategy options.” (Reporting by Tatiana Voronova; Writing by Katya Golubkova; Editing by Susan Fenton)

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