Mediafax (Mediafax)
Czech markets  |  December 17, 2012 11:03:35

Agrofert bought Farmtec, agreement will need to authorize the Office


PRAGUE (MEDIAFAX) - Farmtec joint-stock company that offers services of investment in agriculture to promote the breeding of cattle, pigs and poultry with a turnover of nearly two billion, bought the holding Agrofert Andrej Babis. Transfer of shares will have to be approved by the Office for Protection of Competition (OPC), the company announced Monday.

Farmtec Agrofert will provide investment not only in agriculture, but also in the manufacturing and chemical industries. "Agrofert assumes continuity of all services offered Farmtec joint stock company, including staffing of key positions," stated in the press release, both firms. Farmtec should thus be more stable, especially if there will be less investment demand from farmers. The company now employs about 210 people.

Agrofert Holding is a Czech agricultural, food and chemical giant, which controls more than 230 companies in the Czech Republic and the Slovak Republic in 2011, its consolidated sales exceeded 117 billion crowns.

Andrej Babis in the summer became head movement Yes 2011, which failed in the Senate elections of autumn, none of the seven candidates to get the upper parliamentary chamber. Východočeši movement supported him but gained in Hradec Králové four council seats.

Jan Drahorád, drahorad@mediafax.cz

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Agrofert koupil Farmtec, dohodu bude muset schválit ÚOHS

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