November 29 (SeeNews) - Bulgarian farming company Agria Group Holding [BUL:AGH] has applied for approval of its recently agreed acquisition of local bioethanol producer Almagest, the competition authority said.
The notified transaction is expected to affect the grain market in the country, the Commission on Protection of Competition said in a statement on Monday.
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The products traded on this market - wheat and corn - are goods for Agria and raw materials for Almagest, the regulator added.
Agria agreed to acquire Almagest earlier in November. As part of the deal, the farming company will purchase 441,866 shares with a par value of 80 levs ($42.26/40.90 euro) each, representing 100% of Almagest’s capital. The transaction is expected to result in long-term security and sustainability of Agria's business model, improved cash flow and value creation.
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)