English
Impact Developer & Contractor will provide the Competition Council with the documentation necessary for the clearance of the acquisition of Hobbit Intermediere Asigurari SA. Impact announced belief they had not performed any economic concentration activities between December 13th, 2001 and December 7th, 2006 but only protected the investment.
Impact stressed that the acquisition had been performed in compliance with applicable law regarding the change of the company"s name from Hobbit Intermediere Asigurari SA into Hobbit Broker de Asigurare Reasigurare SRL and the increase in Hobbit"s share capital.
The Competition Council on Wednesday announced an investigation into Hobbit"s acquisition by Impact, which took place in 2001 but was only notified to the Council in 2006. The Council did not have any objection, but gave Impact a 3,000 RON fine for the delay.
Impact Developer & Contractor concluded 2006 with 18.75 million RON in profit, up by 75% from 2005. The company reported 115.85 million RON in turnover, down by 8.5% from the 126.62 million RON in the previous year.
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