Insider Business First takeover in Cyprus by Tempo Beverages

First takeover in Cyprus by Tempo Beverages

An important step towards establishing itself in the Cypriot market is the acquisition by Tempo Beverages Cyprus Ltd – a subsidiary company of Tempo Israel – of 100% of the share capital in Fereos Fourpoint Distribution Ltd.

The takeover which was announced yesterday followed the green light by the Commission for the Protection of Competition for the acquisition of the Fereos shares owned by Paricotin Limited and Civilitus Limited.

After examining the submitted data, the Commission concluded that the combined share of the two wine marketing companies is between 5% and 10% which means that it does not exceed 15%. This is the percentage that, according to the law, the market is affected.

As for the trade of other alcoholic beverages, the percentage concentrated by the two companies is estimated to be between 10% -20% and this again is below the set limit of 15%.

As regards activity in a neighbouring product market, namely Tempo in beers and Fereos in wines and spirits, it was again considered that the relative share does not exceed the relevant limit set by law.

Tempo’s diverse portfolio includes all of the Heineken Group Beer brands as well as world-famous spirits Chivas Regal, Jameson, Absolut and many more. A company announcement said that the deal with Fereos will enabling them to further meet the market’s demand and expectations.

Tempo Israel is partially owned by Heineken NV Group and is the country’s leading producer and distributor of alcoholic and non-alcoholic beverages. Its first takeover move in Cyprus comes at a time of intense mobility in the wholesale trade.

 

Read more:

 

https://in-cyprus.com/brexit-hits-the-drinks-list-at-pub-chain-wetherspoon/

 

Top Stories

German Presidency ready for difficult discussions on pandemic recovery, MFF and Brexit

  Germany, which assumed the presidency of the Council of the EU on July 1, is prepared for hard and difficult discussions and compromises on...

Cyprus to enter the natural gas era, Defa Chairman says

  As of tomorrow, when President Nicos Anastasiades will lay the foundation stone for the construction of the Cyprus LNG Import Terminal Project in Vasilikos,...

Three test positive for coronavirus, total now 1008

  Three people have tested positive for coronavirus after a total of 1691 tests, the Health Ministry said on Wednesday. This brings the total number...

Government says continuing demarches on crossing points

    Demarches continue on the part of the government of Cyprus, both with the United Nations and Turkish Cypriot leader Mustafa Akinci in relation to...

Cyprus to establish a Deputy Ministry of Culture

    Cabinet has decided to go ahead with the establishment of a Deputy Ministry of Culture, Deputy Government Spokesman Panayiotis Sentonas said on Wednesday. “Following a...

Taste

How to make triandafillo ice cream, by UK Cypriot chef Loulla Astin

  Just in time for the scorching heat, UK Cypriot chef Loulla Astin has shared her recipe for refreshing triantafillo ice cream -- or as...

Cyprus sprouts with cream and prosciutto

In a big, deep frying pan, fry the prosciutto in the olive oil, on medium heat for 2 minutes. Add the onion and garlic...

Pork burger with sundried tomatoes, mozzarella and anchovies

Mix all the ingredients together with the mince in a bowl, and combine well. Divide into 4 balls and form the burgers. Warm a griddle/pan...

Sheftalies

Wash the lamb cauls with plenty of cold water and let them settle in water and vinegar for a little while. Soak the bread crumbs...