June 7 (SeeNews) - Romania's anti-trust authority, the Competition Council, said that it has approved the agreed takeover of bricks, tiles and construction products manufacturer Euro Caramida by local building materials producer Cemacon [BSE:CEON].
The anti-trust body’s analysis showed that the transaction poses no significant threats to the national market and that there are no serious doubts regarding its compatibility with a regular competition environment, it said in a press release.
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Cemacon announced the start of the acquisition procedure in January.
Cemacon, founded in 1969 in Zalau, focuses on the production of ceramic blocks. In 2010, the company started operating a second factory in Recea and listed on the Bucharest Stock Exchange (BVB). In 2018, it opened a lintel factory.
Paval Holding, the owner of Romanian DIY retailer Dedeman, owns 78.2% of Cemacon, PIF Industrial owns 16.75%, while the remainder is in free float on the BVB.
Cemacon's shares traded 0.43% lower at 0.4650 lei ($0.1/0.09 euro) as of 0936 CET on Wednesday on the Bucharest Stock Exchange.
(1 euro=4.95783 lei)