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GVH approves takeover of dairy companies, fines for acting too soon

Deals

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The Hungarian Competition Authority (GVH) today approved the acquisition of sole, direct control by Dr. Riad Naboulsi of dairy companies Wassim Sajt, Bábel Sajt and Dráva Tej, Hungarian news agency MTI reported.

At the same time, Dr. Riad Naboulsi received a combined fine of HUF 14 million for completing the transaction prior to GVH’s approval.  

Naboulsi is also the owner of dairy companies Kőrösstej and Caravanes while his latest acquisitions Wassim Sajt, Bábel Sajt and Dráva Tej have less than a 10% market share of their respective market segments in Hungary, as such the competition office ruled that their acquisition will have no harmful effects on competition, MTI added. 

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