January 18 (SeeNews) - Bulgarian farming company Agria Group Holding [BUL:AGH] obtained antitrust approval to acquire local bioethanol producer Almagest, the competition regulator said.
The Commission on Protection of Competition found that the market position of the two companies does not raise concerns about obstacles to competition, it said in a decision published on Tuesday.
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Agria agreed to acquire Almagest in November by purchasing 441,866 shares with a par value of 80 levs ($44.36/40.90 euro) each, or 100% of the target's capital.
Almagest is focused on storing and processing grain for the production of bioethanol, which is used as a substitute for petrol in internal combustion engines.
(1 euro = 1.95583 levs)