Balkan Retail Giant’s New Owner Plans an IPO After €1.2 Billion Loan Is Refinanced
- Fortenova’s Vujnovac talking with banks over €1.2 billion loan
- Croat tycoon says public offering best solution for retailer
This article is for subscribers only.
Croatian tycoon Pavao Vujnovac plans to prepare Fortenova Grupa d.d. for an initial public offering as soon as the new majority owner of the Balkan retail giant refinances the company’s expensive rescue loan.
“As far as I’m concerned, an IPO is the only serious solution for Fortenova,” Vujnovac said in an interview Wednesday in his Zagreb office. Preparations for the offering will start as soon as refinancing is secured for the company’s €1.2 billion ($1.3 billion) loan, which matures in November, he said. “The right timing and a good presentation are essential.”