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

Coronavirus decimates taxi industry in Cyprus

Taxi drivers in Cyprus see their livelihood evaporating as the holiday island is all but shut down to try to slow the spread of...

Another 212 booked for breaking stay at home decree

Another 212 people were booked for breaking the stay at home decree overnight, a police spokesman told CyBC radio on Wednesday morning. He added that...

Latest on the spread of the coronavirus around the world

Last update 01/04/2020 01:09 The U.S. government raced to build hundreds of makeshift hospitals to ease the strain on overwhelmed healthcare systems as the United...

Cloudy with sunny spells and local showers

Today will be cloudy with sunny spells with isolated showers or thunderstorms expected. Temperatures will reach 22 C inland and on the coast and 12...

Trump urges Florida to welcome cruise ship with deadly coronavirus outbreak

U.S. President Donald Trump on Tuesday urged Florida officials to open an Atlantic Coast port to a Dutch cruise ship stuck at sea with...

Taste

Village olive pie

Mix the yeast with the lukewarm water and put it aside for about 12-15 minutes to settle.  Sift the flour with the salt into...

Skordalia (Garlic paste)

Rinse the potatoes and place, unpeeled, in a saucepan. Cover with water, add salt and allow to simmer for 20-30 minutes until soft. Drain,...

Village salad

A must-have with every meal is a village salad. You will find it in every tavern or greek restaurant you visit in Cyprus. Make...

Courgettes with eggs

Heat the oil in a frying pan and fry the courgettes at a medium heat until they soften. Add salt and add the eggs....