SUGAR: Sugar Producer Viro Seeks Strategic Partner

Croatia’s largest sugar producer Viro is seeking a strategic partner. Viro’s majority shareholder, Marinko Zadro, publicly confirmed plans to sell a 42.9% stake in Viro. CEO Zeljko Zadro revealed that five to six international companies have expressed their interest in the company, which has yearly revenues of €150 million.

The European Union prescribes strict quotas for sugar production in order to avoid the distortion of the sugar market. According to Marinko Zadro, these quotas would create an annual loss of €15 million; this is not economically viable for the Croatian company, which is now facing fierce competition on the EU Single Market. In order to maintain its competitiveness, Viro must find a suitable strategic partner to cope with new regulatory pressures…

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