Bulgaria antitrust body to probe Etem, Cosmos Aluminium merger

Bulgaria antitrust body to probe Etem, Cosmos Aluminium merger

The Bulgarian competition authority said on Monday that it has received a request to investigate the proposed absorption of Greek company Etem Commercial and Industrial Light Metals, a subsidiary of ElvalHalcor Hellenic Copper and Aluminium Industry JSC, by Cosmos Aluminium, also of Greece.

The transaction is expected to affect the market for aluminium extrusions in Bulgaria and in the European Economic Area (EEA) as a whole, the Commission on Protection of Competition (CPC) said in a notice published on its website. The companies are active in the production and sale of architectural systems from extruded aluminium profiles as well as of standard and custom-made aluminium profiles, the CPC added.

The two Greek companies signed the agreement in late 2022 without disclosing the value of the deal. Upon closing, ElvalHalcor will own a minority holding of 15% in the share capital of Cosmos Aluminium, while that company’s existing shareholders will hold an aggregate stake of 85% in the share capital of Cosmos Aluminium, according to an earlier press release by ElvalHalcor. Completion is expected by March 15, subject to regulatory approvals conditions, the buyer said at the time.

ElvalHalcor is itself part of Belgium-based heavy industry group Viohalco, which owns several companies in Bulgaria, namely Aeiforos Bulgaria, aluminium profiles company Etem Bulgaria, Prosal Tubes, Sofia Med, Stomana Industry and Metalvalius.

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