The European Commission (EC) has approved, under the EU Merger Regulation, the acquisition of HIP-Petrohemija Pancevo by the Petroleum Industry of Serbia (NIIS).

The Commission concluded that the proposed acquisition would raise no competition concerns given the companies’ moderate combined market positions resulting from the proposed transaction. The operation was examined under the simplified merger review procedure.

In December last year, the Petroleum Industry of Serbia signed a strategic partnership agreement with Petrohemija. NIS raised its stake in the company from 20.9 to 90% and committed to investments worth EUR 150m.

Source: EC, Momentum