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

Ministry updates list of countries for travel to Cyprus – Israel in Category C

The Health Ministry on Friday issued a revised list of countries regarding their epidemiological risk as regards coronavirus for travel purposes, moving Israel from...

No new Coronavirus cases for second consecutive day

No new coronavirus cases were reported in Cyprus on Friday after 1538 tests, which means the total number remains at 999 for the second...

New yellow warning; temperatures at 42 C on Saturday

The Department of Meteorology issued on Friday another yellow alert for extremely high temperatures on Saturday. The alert is in force from 11 am until...

Limassol Wine Festival cancelled for 6th time since 1961

Limassol Mayor Nicos Nicolaides said on Friday that the municipal council has decided to cancel the city's wine festival for 2020 due to Coronavirus,...

Gilead’s COVID-19 antiviral remdesivir gets conditional EU clearance

The European Commission said on Friday it had given conditional approval for the use of antiviral remdesivir in severe COVID-19 patients following an accelerated review process,...

Taste

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...

Loukaniko Pitsilias – Pitsilia Sausage

Pitsilia sausage is produced in the Pitsilia region from pork minced meat that is “cooked” ( matured) in the dry red wine of the...