Pivovarna Union will disclose the details of the deal at a press conference in Ljubljana at 11 AM, but media reports say that Nectar will pay EUR 48m-49m for the deal, including Fructal's EUR 13m debt, which means Union will get EUR 35-36m.

The deal still needs to be endorsed by the shareholders of Pivovarna Lasko, who are scheduled to meet on Saturday, while the supervisory board of Pivovarna Union gave its stamp of approval on Monday, dailies Finance and Dnevnik reported in Tuesday's editions.

The Fructal group employs around 500 workers. It generated annual revenues of EUR 56m in 2009.

The sale is part of a divestment strategy adopted by Lasko as a promise to banks to reduce its mountain of debt reportedly valued at around EUR 400m caused by failed management buyout.

Lasko is subject to a takeover bid, announced by financial firm KS Nalozbe on 8 July, which is why all dealings outside of regular operations need the approval of the shareholders' meeting.
 

Video: A memorable 30 years old commercial for Fructal's children fruit puree Frutek.