July 22 (SeeNews) - Bosnia's competition authority said that it has approved the plan of local water bottler and beverage producer Vitinka to acquire food processing company Vitaminka for an undisclosed sum.
The market concentration, which will arise following the merger of the two companies, is in line with the competition law, the competition council said in a statement earlier this month.
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The two companies submitted a request for approval of their planned merger in April, after signing a letter of intent on their mutual interest in Vitinka gaining control over Vitaminka, including in the possibility of establishing a new special purpose company, the competition council has said.
Vitinka is controlled by Banja Luka-based company Sinovi i Oci, while Swiss group Kreis-Industriehandel AG holds a 76.6% stake in Vitaminka, with the remainder owned by minority shareholders.
Both companies are based in the Serb Republic, which together with the Federation makes up Bosnia and Herzegovina.