November 12 (SeeNews) - Romania's competition authority said it has cleared the recent takeover of the Romanian subsidiary of France's CPS S.A.S. by German automotive products company Formel D.
"Following a review of the transaction, the Competition Council found that it does not raise significant obstacles to effective competition in the market, in particular by establishing or strengthening a dominant position," the anti-trust regulator said in a statement on Monday.
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CPS S.A.S. has subsidiaries in six countries, including Romania.
Its Romanian subsidiary CPS Quality International EU SRL provides quality control services for the automotive industry in Romania.
Formel D GmbH has 22 branches in different countries, including Romania, where it is active through Formel D Romania SRL.