September 19 (SeeNews) - Romania's competition authority said on Wednesday it has approved the takeover of local decorative paints producer Fabryo Corporation by global paints and coatings maker AkzoNobel.
The transaction does not raise concerns regarding its compatibility with a normal competition environment, the Competition Council said in a press release.
You can subscribe to our M&A newsletter here
The deal, whose value was not disclosed, was announced in June.
The transaction includes two production facilities and six distribution centres for decorative paints, adhesives and mortars, including one of the largest decorative paints factories in the region, with capacity for further expansion, AkzoNobel said at the time.
Fabryo originated from Guzu Chim Prod Com company, established in Romania in 1994. In 2006, the Swedish investment fund Oresa Ventures bought 49% of Guzu Chim’s shares and started the process of rebranding the company as Fabryo Corporation.