April 21, 2015 / 6:40 AM / 4 years ago

UPDATE 2-Croatian food firm Podravka to buy Slovenia's Zito

(Adds sale confirmation, price, quote)

LJUBLJANA, April 21 (Reuters) - Croatian food company Podravka will buy Slovenian rival Zito for 180.1 euros per share, Zito and Slovenian state investment firm SDH, which was coordinating the sale, said in separate statements on Tuesday.

They said Podravka will pay 33 million euros for 51.55 percent of Zito, which was the stake on sale. Podravka will later offer to buy the rest of Zito’s shares at the same price, in line with Slovenian legislation.

“The process will be concluded in the coming months as the buyer has to get approval from the regulators,” SDH said.

Zito shares closed 0.1 percent lower on Monday at 170 euros. Trading in its shares was suspended on Tuesday pending the takeover announcement.

Zito is one of Slovenia’s biggest food producers, in which state companies hold about 30 percent.

It is the fourth of 15 companies earmarked for privatisation by a previous government in 2013. (Reporting by Marja Novak; writing by Zoran Radosavljevic; editing by Jeremy Gaunt)

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