Orkla ASA (OB:ORK), Nomad Foods Limited (NYSE:NOMD) and a Czech-Slovak consortium of EMMA CAPITAL Ltd. and J&T Private Equity Group continue in the race for the sale of Croatia's Fortenova Group d.d. frozen food units Ledo d.d., Ledo D.O.O. Citluk, FRIKOM DOO and several smaller companies, local media reported. The three candidate buyers can now carry out due diligence at the companies put up for sale, after which they should submit binding bids, news daily Jutarnji List reported earlier this week, citing unofficial sources. According to the report, the transaction could reach up to €600 Million ($704 Million).

On November 02, 2020, Fortenova, the successor to the collapsed food-to-retail concern Agrokor, said it invited selected bidders to start due diligence at its frozen food units, which have been offered for sale. "The market test has confirmed that there is strong international interest among potential investors in our Frozen Food business. The qualified non-binding offers come from companies with outstanding investment and operational track record," Fortenova Chief Financial Officer James Pearson said in a statement, without providing the names and the number of the selected bidders.

The group Chief Executive Officer Fabris Perusko has said the due diligence process is expected to be completed by the end of this year.