Penam: Competition authority approves Ceres purchase

Budapest / HU. (gvh) The Hungarian Competition Authority (Gazdasági Versenyhivatal – GVH) approved Czech baked-goods company Penam´s purchase of a 100 percent stake in Hungarian peer Ceres ZRT. Penam A.S., the Czech Republic´s second-largest baked-goods company, had announced in March that it signed a contract to purchase Ceres for an undisclosed price (pending the approval of competition authorities). GVH also approved Penam´s purchase of a 43,8 percent stake in Hungarian peer Multipékség from Ivydale. The remaining 56,2 percent of Multipékség shares had been owned by Ceres. According to GVH the deal is not expected to affect competition in Hungary unfavourable. Ceres produces and distributes a wide range of bakery products (but sells only a small part of its products in its own bakeries, local newspapers reported). Multipékség produces and distributes only glutene-free bakery products (and has less than ten percent share on the Hungarian market, the same newspapers said).