June 20 (SeeNews) - Bulgaria's competition authority said on Tuesday that it approved the proposed takeover of dairy producer Schreiber Foods Bulgaria by local peer JMJ Industries.
The notified transaction will not harm competition in the dairy sector in Bulgaria, as there is no horizontal overlap between the companies or expected vertical effects resulting from the acquisition, the Commission on Protection of Competition (CPC) said in a statement.
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As part of the deal, JMJ Industries, wholly owned by Joseph Jabra, will acquire direct ownership of 100% of the equity capital of Schreiber Foods Bulgaria, which totals 16 million levs ($8.9 million/8.2 million euro). The transaction aims to expand JMJ Industries' product portfolio and will allow the company to reduce the costs of raw materials by using common channels and suppliers.
Schreiber Foods Bulgaria, wholly owned by Spain's Shreiber Europe SL and part of US-based Shreiber Foods Inc, is a private-label dairy producer with production facilities located in Sofia.
(1 euro = 1.95583 levs)