Fortenova Owners Buy Out Firm to End Russian Banks’ Stake (1)

Fortenova Group’s unsanctioned owners, led by Croatian businessman Pavao Vujnovac, will buy out the Balkan retailer’s holding company to rid it of the blacklisted Russian banks that own about half the firm.

The buyout group values the deal between €500 million ($549 million) and €660 million, and will pay the sanctioned Russian banks, Sberbank PJSC and VTB Bank PJSC, for their stake, but to accounts they can’t access. Shareholders that choose to opt out will also compensated.

“We have found ourselves, through no fault of our own, in a situation where the sanctioned Russian shareholding significantly restricted our ...