December 23 (SeeNews) - Romania's competition authority said on Thursday it has approved the takeover of local recycling services provider EcoSmart Union by wine maker Crama Ceptura.
"Following a review of the transaction, the Competition Council has found that it does not raise significant obstacles to effective competition in the market, in particular by establishing or strengthening of a dominant position," the anti-trust body said in a statement.
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Established in 2005 in the Dealu Mare area in Prahova county, Crama Ceptura has a production capacity of about 10 million bottles per year, a wine production volume of 10,000 tons of grapes per season and a storage capacity of around 6 million liters of wine, according to its website. The company is part of Bucharest-listed group Purcari Wineries [BSE:WINE], one of the largest wine and liquor groups in Central and Eastern Europe.
Purcari's shares traded 0.34% higher at 14.7 lei ($0.22/0.20 euro) on the Bucharest Stock Exchange as at 1421CET on Thursday.
Established in 2017, EcoSmart provides the necessary support to companies to achieve the recycling targets required by current legislation.
(1 euro=4.9488 lei)