April 1 (SeeNews) - Romania's competition authority said on Wednesday that it will look into the agreed takeover of local abrasive materials producer Carbochim [BSE:CBC] by Carbo Europe, a company of Iulius Holding.
In order to determine whether the concentration is compatible with a normal competitive environment, the competition authority will consider the notified transaction under the merger regulation, the Competition Council said in a statement.
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As announced in January, Carbo Europe offered to buy the remaining 1,559,228 shares in Carbochim at a price of 15.1 lei ($3.4/3.1 euro) apiece from individuals and companies.
The company already owns a stake of 68.37% in Carbochim, following purchases in March 2018 and November 2019.
Carbochim's shares last traded on the Bucharest Stock Exchange on March 20, when they closed 0.83% lower at 11.9 lei.
Carbochim was established in 1949 in Cluj-Napoca.
Iulius Company, founded 20 years ago, has developed over 300,000 sq m of retail space and 146,200 sq m of class A office space. In 2018, it established chemical products manufacturer Carbo Europe.
(1 euro = 4.8246 Romanian lei)