Bulgaria’s Commission for Protection of Competition said that UK-based Clodehill’s planned acquisition of 100% of Bulgarian coal mining company Min Industry does not warrant anti-trust clearance.
The combined turnover of the two companies for the latest full financial year is under the minimum threshold making notification of the anti-trust regulator mandatory, the Commission for Protection of Competition said in its decision last week.
Min Industry generated turnover of 16 million levs ($8.9 million/8.2 million euro) in Bulgaria in 2018, while Clodenhill did not conduct any business in the country.
London-based Clodenhill has been a dormant company ever since its establishment in 2015, according to Companies House, the U.K. registrar of companies. Clodenhill is fully owned by private individual Chr. Garret.
Min Industry, based in the Bulgarian town of Pernik, is mainly active in the mining and trade in lignite, according to Bulgarian commercial register data. The company is fully owned by private individual P. Nikolov.