Agrana to be able to take over no more than 51% of Sunoko – Question of competitiveness puts brakes on acquisition

The Austrian sugar, starch and fruit concentrate producer Agrana will most probably not be able to take over the entirety of Sunoko, but only 51%, Agrana’s financial manage, Stefan Bittner, estimates.

Presenting the financial report for the first six months of 2017, he said that Agrana intended to grow in southeast Europe in the field of sugar production, but that the purchase of Sunoko in Serbia had been put on hold due to the question of competitiveness.

The European Commission, as he said, was examining this arrangement in detail.

– Most probably, we won’t be able to acquire the whole of Sunoko initially, but only 51% – Bittner explained.

In July, Agrana also submitted a bid for the purchase of two Hellenic Sugar factories in Serbia, whose market share stands at 30%, but the Austrian concern then gave up on the acquisition.

In the first half of the financial year, Agrana profited from the high price of sugar, as well as from the fact that supplies in east Europe are small. It doubled its results in the sugar segment to EUR 36.6 million.

Agrana Novo Društvo d.o.o. Beograd

AGRANA GRUPPE Wien

Sunoko d.o.o. Novi Sad

EUROPEAN COMMISSION Bruxelles

Hellenic Sugar

production of sugar

production of starch

production of fruit concentrate

sugar

starch

fruit concentrate

Stefan Bittner

sugar plants in Serbia