FPP Balkan Ltd has secured control of Knjaz Milos, according to local reports. Quoting FPP's representative in Belgrade, Serbia's state broadcaster RTS said yesterday (12 January) that the UK-based hedge fund has agreed with Serbia's Privatisation Agency to buy the state's 42% stake in the drinks company.

Last year, FPP Balkan acquired a majority stake in Knjaz Milos from minority shareholders. In September, the company bought an initial 25% stake for 17,200 dinars (US$285) per share. FPP Balkan followed this with another 33% in December, paying 23,000 dinars per share.

The 42% stake now gives FPP Balkan 99.35% control of the mineral water and fruit juice company.

In December, the country's Privatisation Agency agreed to sell the state-held stake to FPP at a guaranteed price of 18,000 dinars per share.