Podravka deems the takeover bid successful, follows from the notification, published in Wednesday's edition of the daily Delo.

Podravka acquired a 51.54% stake in Žito, mostly from state-owned shareholders, at EUR 180.10 per share or a total of EUR 33m in a transaction completed in October.

The Croatian company will pay a further EUR 22.6m for the shares acquired in the takeover bid.

The price per share was the same as that offered to the consortium of shareholders headed by the Slovenian Sovereign Holding in the deal signed in April.

The takeover will make Podravka a leading supplier in the Slovenian food market with a combined annual revenue of EUR 119m.

Podravka had already brought its staff on the supervisory board of Žito last week.