Bulgaria's anti-trust body gives go-ahead to Sarten Bulgaria deal for FMA
Bulgaria's competition authority said that it has granted approval to metal packaging producer Sarten Bulgaria to gain full control over its local peer FMA. The combined turnover of the two companies last year amounted to some 17.3 million levs ($10.2 million/8.8 million euro), i.e. below the legally prescribed threshold of 25 million levs above which a market analysis is required, the Commission for Protection of Competition (CPC) said earlier this week, adding that it has therefore not conducted a market analysis of the deal. Interested parties have until August 4 to submit their opinions regarding CPC's decision. Sarten Bulgaria generated a revenue of 45.7 million levs and a net profit of 404,000 levs in 2018, according to its most recent annual financial statement. FMA closed 2018 with a net loss of 1.4 million levs on revenue of 8.4 million levs. At the end of 2018, the company was 98.84%-owned by local Elena Group, which in turn is fully owned by IG Holding. IG Holding is controlled by private individuals Ivan Ivanov and Grigor Ivanov