December 4 (SeeNews) - Serbia's competition authority has given the green light to UAE-based Al Dahra Agricultural Company to acquire a 100% holding in Serbian agricultural company Poljoprivredna Korporacija Beograd (PKB), it said.
When assessing the effects of the concentration, the anti-trust regulator found that the transaction will not harm the free competition on the Serbian market, as the horizontal overlap of the business activities of the two companies is negligible, the Commission for Protection of Competition said on Sunday.
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In October, Serbia signed a contract for the sale of PKB to Al Dahra. The UAE-based company won a tender for the acquisition of PKB in September, after placing a 105.05 million euro ($119.6 million) cash offer for the assets of the company.
Al Dahra will pay an additional price for the livestock of PKB, equal to 100% of its estimated value, immediately before it takes possession of the Serbian company.
Serbia launched the PKB tender at a starting price of 104.6 million euro in August. The tender was open to legal entities mainly active in agriculture and trade in agricultural products.
($ = 0.8783 euro)