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BUCHAREST (Romania), September 11 (SeeNews) - Romania's competition authority said on Wednesday it has approved the acquisition of a 60% stake in local electric cable and wire manufacturer Electroplast by Romanian investment and management platform for troubled companies ROCA.
"Following review of the transaction, the Competition Council found that it does not raise significant obstacles to effective competition in the market, in particular by establishing or strengthening a dominant position," the anti-trust regulator said in a statement.
The deal, whose value was not disclosed, was announced in June.
ROCA is buying the shares from Italian Cable Company S.P.A., a manufacturer of power cables and wires for industrial applications, according to a press release issued at the time.
Electroplast posted a turnover of 82 million lei ($19.7 million/ 17.3 million euro) in 2018 and aims for a 10% increase for this year.
The privately-held company was established in 1993 and became a joint venture in 2001, in association with Italian Cable Company. It now employs more than 100 and has a diversified portfolio of clients, including Telekom, CFR National Railway Company, Siemens, Alstom France and VLG.
ROCA was launched in March last year and is the first investment and management platform dedicated to Romanian companies in financial distress.
Analyses by ROCA specialists have found that there are some 11,000 companies with assets of over one million euro in need of investors in Romania.
(1 euro=4.7340 lei)