Competition office gives go-ahead to Agrofert purchase of IKR assets

Deals

The Hungarian competition office GVH said Tuesday it had approved the purchase of some of the regional centers and related assets of IKR Kereskedelmi by some Hungary-based units of the Czech Agrofert Group. 

The buying units are IKR Agrár Kereskedelmi és Szolgáltató, Pécs-Reménypusztai Mezőgazdasági Termelő és Kereskedelmi and Agrotec Magyarország. Although both Agrofert Group and the regional IKR centres are involved in the trade and repair of agricultural machines and spare parts, their combined share in the trade of agricultural machines in Hungary is below 20%, GVH said, therefore they pose no danger to competition

The combined share is under 30% in the field of various agricultural input products, GVH established. There is no vertical link between the Agrofert and the regional centres. GVH said its approval was necessary for the transaction because the sales of Agrofert group Hungarian units and the sales in Hungary of its foreign units combined, excluding intragroup trade, alone exceeded the HUF 15 bln limit and the sales of the IKR centres were over HUF 500 mln in 2013. Mergers where the parties' sales are over HUF 500 mln each and combined sales are over HUF 15 bln require approval by GVH.

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