Russia's Sberbank Sees Interest From Potential Buyers of Its Agrokor Stake

Russia’s Sberbank, a key stakeholder in Croatian food producer and retailer Agrokor, has started to receive proposals to sell its share in the firm which is emerging from a debt crisis, an aide to Sberbank’s CEO said. Agrokor, the largest firm in the Balkans with over 50,000 staff, was put under state-run administration last year, crippled by debts built up during an ambitious expansion drive, Reuters reported. In October, a Croatian court approved a deal for the indebted Agrokor that includes a debt-for-equity swap. That means Agrokor’s biggest single creditor, Sberbank, is soon to become its largest shareholder with a 39.2 percent stake. Maxim Poletayev, who is overseeing Agrokor’s restructuring, said that Sberbank has already started to get proposals to buy out the bank’s stake from different kinds of distressed funds spanning the United States and Canada to the UK. Read more