January 9 (SeeNews) - Bulgaria's competition regulator said on Tuesday it has given approval to local agricultural products traders Lavris Invest and Defko Zarnobaza to acquire stakes in peer Farm Sense by increasing its capital.
Since the owner of Lavris Invest and Defko Zarnobaza holds a 50% stake in Farm Sense, the deal will not have a significant effect on competition levels on the local market, the Commission for Protection of Competition said in a statement.
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Lavris Invest and Defko Zarnobaza plan to increase Farm Sense's capital to 7.05 million levs ($4.3 million/3.6 million euro) from 1.25 million levs.
Following the capital hike, Lavris Invest will hold a 45.39% stake in Farm Sense, while Defko Zarnobaza will control 36.87%.
(1 euro=1.95583 levs)