January 12 (SeeNews) - The Bulgarian competition authority said it has launched an enquiry into the potential acquisition of Romania's Stera Chemicals by German chemical distribution group Oqema.
The planned transaction, which was notified in December last year, is expected to affect the Bulgarian market for base and specialty chemicals distribution, the Commission on the Protection of Competition (CPC) said on Wednesday, without providing further details.
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Based in Moenchengladbach, Oqema, formerly Overlack, has a subsidiary in Bulgaria. The group is among the ten largest European chemical distributors and booked turnover of 1.3 billion euro ($1.4 billion) last year, with over 1,300 staff at 45 locations in 21 countries, according to its website.
Founded in 1999, Stera Chemicals is one of the market leaders in the distribution of chemical raw materials, operating in several industries, including varnishes and paints, cosmetics and detergents, rubber, constructions, plastics, food, water treatment and agriculture. Stera Chemicals aimed to more than triple its turnover in 2021 to 45 million euro, an earlier statement showed.
($ = 0.9294 euro)