January 16 (SeeNews) - Bulgarian dairy company Tyrbul, a wholly-owned subsidiary of Hellenic Dairies, received antitrust approval to acquire local United Milk Co from Greek sector player Delta Foods, the Bulgarian competition regulator said.
The Commission on Protection of Competition concluded that the benefits of the planned transaction on competition outweigh the potential negative effects, it said in a decision published on Friday.
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After an in depth investigation, the regulator found that the deal could lead to improved market structure and higher consumer satisfaction as a result of the planned investments in new technolgy, the regulator said.
Delta Foods said in mid-September that it has agreed to sell 100% of the shares in United Milk Co to Tyrbul, but did not disclose the value of the transaction.
Through the deal, the acquiring group expects to increase its presence on the Bulgarian market and expand its local product range.
Plovdiv-based United Milk makes fresh milk, UHT milk and cheese products, and owns the dairy brands Vereia and Fibella.
Sliven-based Tyrbul produces and distributes dairy products under the Olympus brand.