OTP Bank asks Croatian food company Prodravka to pay EUR 11.5bn

OTP sold 576,880 Podravka shares for HRK 312.87 (EUR 42) each to Croatian pension funds, that have now increased their stake in the company to 29.6pc from 21.7pc. The Croatian state hold a 26pc stake in Podravka. OTP received the Podravka shares after the Croatian company was unable to pay back a EUR 37m loan last September. The shares sold functioned as collateral for the debt and the contract stipulates that Podravka will pay any difference between the purchase and sale price of the shares.

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