Bulgaria OKs Pigments Spain To Buy Ferro Corp

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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