On Wednesday, 22 May 2002, Podravka d.d. and Carlsberg Breweries A/S signed an agreement for Podravka d.d. to sell its 40% stake in Panonska Pivovara. This now gives Carlsberg Breweries A/S 80% of the shares in this company. The remaining 20% belong to the Danish Investment Fund for Central and Eastern Europe – IŘ.

The sale of its 40% stake is part of Podravka’s strategy to focus on the food business. The strategy of Carlsberg Breweries, on the other hand, is to have a majority shareholding in all its brewery operations throughout the world.

The selling price of 40% of the shares amounts to approximately US$11m.

The co-operation between Podravka and Carlsberg dates back to 1971 when an agreement was concluded on the licensed production of Tuborg beer. Carlsberg has been the owner of a 40% stake in Panonska Pivovara since 1995. In 1997, Panonska Pivovara invested 400 million kuna in the expansion of its capacities by building modern brewery facilities. Panonska Pivovara produces today the Tuborg, Pan, Kaj and Podravka brands.

Podravka will use the revenue from the sale of its ownership stake in Panonska Pivovara to expand its core activities. This does not exclude acquisitions of other food companies in the region. Namely, in conformity with its plans to grow by 10% per annum, the sale of its minority stake in Panonska Pivovara will enable Podravka to expand its investments in the markets where it now operates.