Petrohemija (Beta)
The European Commission (EC), in accordance with the EU Merger Regulation, has allowed the merger of the Pancevo-based Petrohemija with the Serbian Oil Industry (NIS), the broker firm Momentum Securities announced on Sept. 21.
The EC has concluded that the proposed merger would not cause market competitiveness problems, considering the moderate combined market position of the companies that would result from the proposed transaction.
In December last year, NIS signed an agreement with the state about the privatization of Petrohemija, which envisaged an enlargement of its stake in Petrohemija from 20.9 to 90 percent. NIS has assumed the obligation to inject 150 million euros in capital and build a plant for producing polypropylene within six years, with the capacity of at least 140,000 tons per year.
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