November 5 (SeeNews) - Bulgaria's antitrust regulator said that it has granted approval to colors and glazes producer Pigments Spain to acquire the tile coatings business of US-based coatings and color solutions company Ferro Corporation.
On the ceramic pigments market segment in Bulgaria the two companies hold a combined market share of 20-30% in terms of volume and value, while they have a combined market share of just 5-10% in both volume and value on the local frits and glazes segment, the regulator said in its decision, published on Wednesday.
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In its methodology, the regulator considers a combined market share of over 40% as a prerequisite for establishing or strengthening a dominant market position.
In December 2019, Ferro Corporation said that it has entered into a definitive agreement to sell its tile coatings business to Pigments Spain for $460 million (543 million euro) in cash, with the potential for an additional $32 million in cash based on the performance of the business pre-closing.
($ = 0.8469 euro)