Hungary’s Competition Office (GVH) on Thursday said it approved the acquisition of Hungarian packaging company Pannunion by Pannunity, a unit of the Sun Capital investment group.
Although the acquisition will make Sun Capital market leader on the rigid sheet and thermoformed rigid packaging material market in Hungary, the peculiarities of the products its units make may not make this a suitable indicator of market power, GVH said.
Additionally, there are still competitors in Hungary as well as in nearby countries, capacity of existing companies could be expanded or a new player could enter the market, all of which counterbalance the possible limits to competition presented by the acquisition, it added.
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