BELGRADE (Serbia), May 16 (SeeNews) – Serbia's competition watchdog has approved the acquisition of lubricants producer FAM Krusevac by U.S.-based lubricants and chemicals supplier Valvoline, it said.
The transaction would not significantly affect the market structure in the relevant markets and will not have an adverse impact on competition in Serbia, the watchdog said in a notice posted on its website.
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Valvoline will execute the transaction through Ellis Enterprises East, a wholly-owned subsidiary of Dutch-based Valvoline Holdings B.V., the regulator said.
In February, FAM said Valvoline signed an agreement for its acquisition for 9.5 million euro ($10.6 million).
Valvoline will maintain the FAM brand in Serbia and will keep at least 100 of the company's 218 employees, the director general of FAM Krusevac, Jelica Djurovic Petronijevic, said back then.
FAM operates a production unit with a footprint of 30,000 square metres in Krusevac, including storage tanks with a total capacity of 21,000 cubic metres.
($ = 0.8921 euro)