Gugić Kovačić & Krivić Law Firm announces that the acquisition of more than 25% of the shares of Čakovečki Mills Group (Čakovečki mlinovi d.d.), one of the largest wheat flour producers in the country, by AZ Pension Funds together with PBZ CO Pension Funds and Mill and Bakery (Mlin i pekare d.o.o.), has been successfully completed.

The share acquisition process, based on a public offer was conducted following the approvals obtained from the Croatian Competition Agency and the Croatian Financial Services Supervisory Agency.

At this stage of the transaction, the mandatory takeover bid is finalised.

"We are very happy and proud to have been, for more than a year now, one of the legal consultants in this complex undertaking!" says Lovro Kovačić, Managing Partner of  Gugić Kovačić & Krivić Law Firm. "Our team has worked hard on behalf of Allianz ZB d.o.o. and cooperated closely with KOVAČEVIĆ PRPIĆ I SIMEUNOVIĆ and Tus & Gržić law firms. I am taking this opportunity to thank our colleagues for their support and cooperation!"

The purpose of the takeover by all undertakings acting in concert is to consolidate the operations of the MLIN I PEKARE Group and the Čakovečki Mlinovi Group with the aim of increasing competitiveness and expanding operations on the relevant markets. In the next phase of the transaction, undertakings acting in concert intend to initiate restructuring within both groups with the aim of connecting operations. This process will include an increase in the capital of the target company by MLIN I PEKARE d.o.o. and PLODINEC d.o.o., and the processes of unifying joint business segments of both groups.

With this transaction, which will enable the consolidation of the operations between the two groups, Čakovečki mlinovi d.d. and Mlin i pekare d.o.o. are becoming one of the leading players in flour production, bakery products sales and retail in Croatian market.

Čakovečki mlinovi dd is one of the leading Croatian food companies and one of the oldest food & retail companies in the country, that has been operating since 1893. Their key activities are milling, baking and the production of pumpkin oil. The company processes 50,000 tons of wheat and 10,000 tons of corn annually, and its distribution of flour is adapted to three main channels - retail, bakery and confectionery industry.

The company Mlin i pekare doo started its business way back in 1947. Milling, bakery and trade are the three main segments of their business - with a retail network in excess of 400 hundred of shops across Croatia.

Gugić Kovačić & Krivić advised Allianz ZB d.o.o. društvo za upravljanje obveznim i dobrovoljnim mirovinskim fondovima (company for managing compulsory and voluntary pension funds), who, as an existing shareholder (AZ Pension Funds belong to Allianz ZB d.o.o.) of the target company, in its own name but on behalf of its pension funds, acted as one of the undertakings acting in concert and thus filed the mandatory takeover bid.