AGRANA increases its stake in Steirerobst AG

Date: 03.06.2003

Effective 3 June 2022, AGRANA is increasing its stake in fruit juice concentrates and fruit preparations manufacturer Steirerobst AG to a total of about 33 per cent both by building up its direct interest and by acquiring a stake in Steirische Agrarbeteiligungsgesellschaft m.b.H., which holds 68 per cent of Steirerobst AG’s aggregate share capital.

The Steirerobst Group recorded revenues of € 92 million with 611 employees during the 2002 financial year.  It has production sites in Austria, Hungary, Romania, the Ukraine and Poland.

The acquisition is a continuation of AGRANA’s enlargement of its fruit-processing segment.

The shared goal of AGRANA and the shareholders of Steirische Agrarbeteiligungsgesellschaft m.b.H. (Raiffeisenlandesbank Steiermark, Landes-Landwirtschaftskammer Steiermark, Desserta and Grazer Wechselseitige Versicherung) is to strengthen Steirerobst AG in readiness for the sector’s Europe-wide consolidation and to prepare for further expansion.

The acquisition of the stake in Steirerobst AG held indirectly via Steirische Agrarbeteiligungsgesellschaft m.b.H. is subject to the approval of the pertinent competition regulators. As soon as that approval has been granted, Steirische Agrarbeteiligungsgesellschaft m.b.H. will be making a compulsory offer. Taking into account a 15 per cent markdown, an offer of roughly € 24 per share is to be expected.