Bulgaria’s antitrust regulator said that it has granted approval to colors and glazes producer Pigments Spain to acquire the tile coatings business of US-based coatings and color solutions company Ferro Corporation.
On the ceramic pigments market segment in Bulgaria the two companies hold a combined market share of 20-30% in terms of volume and value, while they have a combined market share of just 5-10% in both volume and value on the local frits and glazes segment, the regulator said in its decision, published on Wednesday, November 4.
In its methodology, the regulator considers a combined market share of over 40% as a prerequisite for establishing or strengthening a dominant market position.
In December 2019, Ferro Corporation announced that it had entered into a definitive agreement to sell its tile coatings business to Pigments Spain for US$460 million in cash, with the potential for an additional US$32 million in cash based on the performance of the business pre-closing.
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