Pavao Vujnovac, a prominent Croatian businessman, has recently become the majority owner of Fortenova Group, a leading employer in Southeastern Europe with over 45,000 employees. Here are key points about this development:

Pavao Vujnovac and Fortenova Group

• Ownership Acquisition: Pavao Vujnovac's company, Open Pass, acquired a 94% stake in Fortenova Group, marking a significant shift in the company's ownership structure. This move was facilitated by the European Commission's approval of the acquisition, ensuring compliance with EU regulations123.

• Financial Details: The transaction involved an initial payment of approximately €470 million for the majority stake, with the potential for additional payments up to €660 million, contingent upon Fortenova achieving specific financial goals, including refinancing its debt14.

• Previous Ownership Structure: Prior to this acquisition, Fortenova Group had Russian and Belarusian shareholders, but this transaction has removed all sanctioned entities from its ownership structure5.

• Business Operations: Fortenova Group encompasses several well-known companies in Southeastern Europe, including Konzum, Mercator, Zvijezda, Dijamant, Jamnica, and PIK Vrbovec. The group operates in sectors such as food production and retail15.

• Future Plans: There are plans to sell off some of Fortenova's food production companies to address debt issues, indicating a strategic restructuring under new ownership4.

Pavao Vujnovac's Business Interests

Pavao Vujnovac holds controlling interests in various sectors across the Balkans, including wholesale of fresh and non-perishable products, natural gas and electricity supply, rail transport, and real estate2. His business portfolio, known as the PV Group, spans multiple countries in the region.