Podravka's management board has turned down OTP bank's offer for the purchase of 10.65% of the food company's stock, Podravka said via the Zagreb Stock Exchange on Friday.
With the consent of the supervisory board, the management board decided not to accept the OTP offer on Thursday and notified the bank.
On October 25, Podravka received a notice on Put Option, compliant to Article 2.02 of the Put and Call Options signed between Podravka and OTP on 27 March 2009, whereby OTP informed Podravka that it wanted to use the Put Option for 10.65% of Podravka shares, the holder of which is Fima Ami Limited (option shares).
At the same time, OTP informed Podravka that, pursuant to Article 2.01 of the Put and Call Options signed between OTP Bank and Fima Ami Limited on 27 March 2009, it had activated the Call Option for option shares held by Fima Ami Limited, and that it intended to acquire the stock in question.
Also today, Podravka said the Podravka group netted HRK 82.3 million in profits in this year's first nine months, up 95% on the year. Podravka's operating revenues were HRK 2.7 billion, down three per cent, while business expenses were HRK 2.5 billion, down five per cent.
