Regulator bans Serb bid to buy Hellenic Sugar

MK Group d.o.o., a Serbian diversified holding company that focuses on agribusiness, will not be able to buy Hellenic Sugar Company as the acquisition would push its market share in Serbia to 78 percent, the country’s market regulator said on Tuesday. The Commission for the Protection of Competition banned further “concentration” in the Serbian sugar market that would arise from the acquisition and rejected MK Group’s offer to sell one of its sugar units within three years and to cap sugar prices, according to a statement. MK submitted a non-binding offer for 82.33 percent of Hellenic Sugar last year, when its owner, the Agricultural Bank of Greece SA, decided to sell non-banking activities. The tender initially drew 11 potential buyers and the race has boiled down to the Serbian holding and Suedzucker AG, MK Group’s owner Miodrag Kostic said in an interview on Monday. [Bloomberg]

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