BUCHAREST (Romania), December 3 (SeeNews) - Romania's competition authority said on Friday it has approved the takeover of local cereals producer and trader Agrirom by Maria Trading and Agro-Chirnogi.
"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 antitrust body said in a statement.
The value of the transaction was not disclosed.
Maria Trading has as main line of activity the wholesale trade of live animals, while Agro-Chirnogi's main business is the cultivation of cereals, plants, legumes and oilseeds. Both companies are controlled by Lebanese businessman Jihad El Khalil, according to local media reports.
Established in 2001 in Constanta, Agrirom is active in the production and sale of cereals (excluding rice), legumes and oilseed plants.
The company swung to a 2.8 million lei ($640,900/ 565,770 euro) net profit in 2020 from a 1.92 million lei net loss in 2019. It posted a turnover of 33 million lei for 2020, slightly higher compared to the previous year. Agrirom employs 19, according to data posted on the finance ministry's website.
(1 euro=4.9487 lei)
YOU CAN SUBSCRIBE TO OUR M&A NEWSLETTER HERE