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Nov 29, 2022 18:08 EEST
November 29 (SeeNews) - Bulgaria’s Commission for Protection of Competition said on Tuesday that it has approved the planned takeover of local vinegar maker Veda by drinks producer VP Brands International, subject to commitments proposed by the parties.
During its investigation, the commission found that the transaction would have an impact on the markets for the production and sale of vinegar and vinegar substitutes in the country, the regulator said in a press release.
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The deal poses a risk of reducing the number of competitors with a real opportunity to exert competitive pressure over the merged group. To address the commission's concerns, VP Brands International proposed to keep the existing capacity and provide it to independent firms for the production of vinegar and acid products. Additionally, the combined entity will stop using a certain trademark for the production and sale of acid products.
The commission assessed the potential effects of the proposed steps and concluded that the commitments are sufficient to alleviate its concerns.
VP Brands International, which operates under the Vinprom Peshtera brand, produces and sells alcohol drinks. The company also owns a vinegar brand and has recently entered the market of low-alcohol drinks. VP Brands International operates eight plants in Bulgaria and has registered 80% growth in its sales over the last five years, according to its website.
Veda has been producing vinegar since 1994. The company has a manufacturing facility near the city of Pleven in central Bulgaria.
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