GVH lays out terms of poultry fusion

Deals

The Hungarian competition authority GVH requires feed maker and distributor Bács-Tak Takarmánygyártó és Forgalmazó Kft to meet certain conditions in order to acquire poultry processor Kiskunhalasi Baromfifeldolgozó Zrt.

Bács-Tak acquired 50.1% of  the company’s shares in January but only applied for a license for merger in May. Bács-Tak was fined Ft 2 million for the delay. GVH found that both companies are connected to Hungerit Zrt, which forecasts an unacceptable dominant position on the market.

In order to prevent the development, the authority forbids the merger until Bács-Tak’s owner resigns from Hungerit’s supervisory board and Hungerit’s CEO resigns from the board of directors of Kiskunhalasi Baromfifeldolgozó Zrt. Another restriction is that Bács-Tak and the companies in its control may not purchase Hungerit shares until the end of 2017 and the same person may not be an elected official at both companies simultaneously. The authority can withdraw the permit if the requirements are not met. (Napi Gazdaság)

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