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Regulator approves Olajterv buyout bid

Olajterv Zrt has been cleared by the competition authority GVH to buy out industry and energy services company HP Team Kft, business daily Napi Gazdaság reports.

The deal would create a major player on the Central European energy market. Talks on a potential merger began last year.

Olajterv posted a HUF 6 billion profit last year on consolidated revenue of HUF 121 billion. The company, which owns Siófok-based pipeline construction company Kőolajvezetéképítő Zrt, among other companies, employs 1,200 people.

The GVH said the two companies have complementary activities which do not curb free competition.